CALGARY, July 16, 2012 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is very pleased to announce
that the Foreign Investment Review Board of Australia ("FIRB") has no
objection to the joint venture between Statoil Australia Oil and Gas AS
("Statoil") and PetroFrontier. This approval satisfies the last
condition precedent of the Farm-In Agreement announced on June 20,
"We are thrilled that this final condition precedent has been met" said
Paul Bennett, President & CEO of PetroFrontier. "The exploration of
our large acreage position in this unconventional resource play will
require extensive capital and technical capabilities, both of which
Statoil brings to our joint venture. Their involvement will enable our
company to develop this massive potential hydrocarbon resource."
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. 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
in Calgary, Alberta and its operations office is in Adelaide, South
Australia. PetroFrontier's common shares are listed on the TSX Venture
Exchange under the symbol "PFC".
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 the Corporation's future operations and
alternative sources of financing. 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.
SOURCE PetroFrontier Corp.
For further information:
President and CEO
Manager, Investor Relations
Suite 320, 715 - 5 Ave. S.W.
Calgary, Alberta, Canada T2P 2X6
Telephone: (403) 718-0366
Toll Free: (877) 822-7280
Fax: (403) 718-3888