CALGARY, Nov. 9, 2012 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is very pleased to provide the
following operational updates.
At PetroFrontier's third horizontal well, Owen-3H (located in EP104,
Northern Territory, Australia), a high capacity jet pump has been
installed, along with the necessary surface tankage and piping to
conduct the cleanup and production testing on this well. Like the
MacIntyre-2H well, Owen-3H encountered nuisance levels of hydrogen
sulphide in the initial flow back of the stimulation fluid.
PetroFrontier was able to accelerate the purchase and assembly of the
hydrogen sulphide resistant testing equipment planned for MacIntyre-2H
and has installed it at the Owen-3H well. This testing has now
commenced and is anticipated to take up to 6 weeks depending on
weather, equipment reliability and the nature of the recovered fluids.
As previously reported, the MacIntyre-2H well encountered nuisance
levels of hydrogen sulphide while in the initial phases of post
stimulation cleanup and flow back and the well was subsequently
suspended. Engineering and procurement work on a hydrogen sulphide
scavenging system was completed ahead of schedule and the required
equipment has been assembled for use at the Owen-3H well. Following
completion of the cleanup and production testing of the Owen-3H well,
this equipment will be moved to the MacIntyre-2H well to perform its
cleanup and production test, the timing of which is now earlier than
previously announced. PetroFrontier intends to conduct field operations
continuously barring weather interruptions, equipment availability and
PetroFrontier Comments on the Recent Farmin by Total SA in Georgina
Basin Lands Owned by Central Petroleum Ltd.
On November 6, 2012 Central Petroleum Ltd ("Central") (ASX: CTP)
announced that the French supermajor Total SA ("Total") had agreed to a
multi-staged farmin on four of Central's application permits in the
Georgina basin onshore Northern Territory and Queensland, Australia.
The farmin lands cover application area EP(A) 132 in the Northern
Territory as well as application areas ATP(A)s 909, 911, and 912 in
northwestern Queensland and is subject to approvals from Queensland
state and Northern Territory regulators and Australia's Foreign
Investment Review Board. These farmin lands are adjacent to
PetroFrontier's lands in the Northern Territory.
Central reported: "The exploration will start with an investment by the
joint venture of US$60 million for stage one, and, at Total's election,
US$130 million for stages two and three. Should Total continue and
fulfill its funding obligations for stages 2 and 3 Total will earn in
increments to a total of 68 percent in the permits. Total is required
to fund 80 percent of exploration and appraisal costs over four years
to which Total has committed the first US$48 million of expenditure for
stage one after which Central will fund the next US$12 million."
PetroFrontier is very pleased to see another major global energy company
commencing exploration in the Southern Georgina Basin. This farmin
arrangement has confirmed again the play potential that PetroFrontier
has identified and is currently developing in the Southern Georgina
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, covering approximately 13.1 million gross acres of
exploration acreage. 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 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:
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