CALGARY, Sept. 9, 2011 /CNW/ - PetroFrontier Corp. (TSX-V: PFC) is
pleased to announce the closing of the sale of its non-core Canadian
petroleum and natural gas properties to an arm's length private company
Pursuant to the Disposition, PetroFrontier sold its producing properties
located at Wordsworth and Queensdale in Southeast Saskatchewan, as well
as exploration properties at Carlyle, Saskatchewan and Joarcam, Alberta
(collectively, the "Assets"), for a cash purchase price of approximately $6.8 million.
The Disposition represents the sale of all of PetroFrontier's Canadian
petroleum and natural gas properties acquired pursuant to its plan of
arrangement with Texalta Petroleum Ltd. that closed on May 31, 2011.
The Disposition will allow PetroFrontier to focus its resources on its
core, high impact, prospective light oil exploration program in the
Northern Territories, Australia.
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 contains forward-looking information that involves
substantial known and unknown risks and uncertainties, most of which
are beyond the control of PetroFrontier and Texalta, including, without
limitation, statements pertaining to management's future plans and
operations. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
information prove incorrect, actual results, performance or
achievements could vary materially from those expressed or implied by
the forward-looking information. Accordingly, prospective investors
should not place undue reliance on these forward-looking statements. 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 - 5th Avenue SW
Calgary, Alberta, Canada T2P 2X6
Telephone: (403) 718-0366
Toll Free: (877) 822-7280
Fax: (403) 718-3888