CALGARY, June 18, 2012 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is pleased to announce that its
wholly-owned subsidiary, PetroFrontier (Australia) Pty Ltd. has
completed the earning of a 50% working interest in EP 127 and EP 128
(Northern Territory, Australia) pursuant to its previously announced
farm-in agreement with Baraka Energy & Resources Limited (formerly
Baraka Petroleum Limited). This earning will increase PetroFrontier's
working interest in EP 127 and EP 128 to 75% from 25% in 7.9 million
gross undeveloped exploratory acres (5.9 million net).
PetroFrontier is currently drilling the farm-in well (MacIntyre-2H) on
EP 127, which has now exceeded a horizontal length of 501 metres, the
minimum farm-in commitment. PetroFrontier intends to continue drilling
to a total horizontal length of approximately 1,000 metres.
Unless a material event occurs in the interim, PetroFrontier expects to
issue its next drilling update report once MacIntyre-2H has finished
drilling and the completion assembly has been set. The rig will then
mobilize to the Owen-3 well site.
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 in Calgary, Alberta and its 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.
SOURCE PetroFrontier Corp.
For further information:
Susan Showers, 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