PetroFrontier Corp. confirms rig mobilization to Southern Georgina Basin, Australia
CALGARY, May 30, 2012 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is very pleased to announce that Ensign's Rig 918 is currently mobilizing to the MacIntyre-2 well site location in the northeastern corner of EP 127 in the Southern Georgina Basin, Northern Territory. It is expected that the Ensign drilling equipment will be onsite by early June 2012 and that the Southern Georgina Basin operational activities will resume during the week of June 4, 2012.
This first phase of the 2012 capital program will focus on the drilling of the horizontal leg at MacIntyre-2, which is expected to take approximately two weeks. Once the drilling is completed, PetroFrontier will have earned a 75% working interest and operatorship in EP 127.
After drilling MacIntyre-2H, the Ensign rig will re-locate approximately 300 km to the eastern border of EP 104 to drill a high angle pilot hole at the third location, Owen-3 in EP 104 (100% working interest) and if PetroFrontier considers conditions to be favorable, a subsequent horizontal section at that same location. Mobilization of Ensign Rig 918 to the Owen -3 well site is anticipated to take one week, with the expected drilling timeline for the vertical and horizontal sections at Owen-3H being approximately four weeks.
Subsequent to this drilling activity, the second phase of the 2012 capital program will commence with the mobilization of a coil tubing unit and service rig for the completion, fracturing and flow testing of Baldwin-2Hst1 (EP 103), MacIntyre-2H (EP 127) and Owen-3H (EP 104), in that order. Both the Baldwin-2Hst1 and the MacIntyre-2 wells encountered very encouraging hydrocarbon responses while they were being drilled in the latter part of 2011. This type of unconventional oil play requires the use of advanced horizontal drilling and completion techniques to be economic, and the use of proven North American technologies is expected to give PetroFrontier a good chance of establishing commercial production.
About PetroFrontier Corp.
PetroFrontier is an international oil and gas company engaged in the exploration, acquisition and development of both conventional and unconventional onshore petroleum assets in Australia's Southern Georgina Basin. PetroFrontier's common shares are listed on the TSX Venture Exchange under the symbol "PFC". Founded in 2009, PetroFrontier is one of the first companies to undertake onshore exploration in the Southern Georgina Basin in Australia's Northern Territory. PetroFrontier's head office is based in Calgary, Alberta and operations office is in Adelaide, South Australia.
This press release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of PetroFrontier, including, without limitation, statements pertaining to management's future plans and operations. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in PetroFrontier's disclosure documents on the SEDAR website at www.sedar.com. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, PetroFrontier does not assume any obligation to update or revise them to reflect new events or circumstances.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.For further information:
Susan Showers, Manager, Investor Relations
Suite 320, 715 5 Ave. SW, Calgary, Alberta, Canada T2P 2X6
Telephone: (403) 718-0366
Toll Free: (877) 822-7280
Fax: (403) 718-3888