CALGARY, Feb. 11, 2016 /CNW/ - (TSX-V: PFC) – PetroFrontier Corp. ("PetroFrontier" or the "Corporation") announces that it has extended the term of its engagement with GMP Securities L.P. ("GMP") as the Corporation's exclusive financial advisor, for an additional six months. GMP will continue to assist the Corporation in identifying and evaluating a range of strategic alternatives, which could include a recapitalization of the Corporation, a merger or other business combination of the Corporation with another entity or the sale of the Corporation as a whole.
PetroFrontier cautions that there are no guarantees that the strategic alternatives review process will result in a transaction or, if a transaction is undertaken, its terms or timing. To date the Corporation has reviewed a wide variety of potential opportunities. However, the Corporation has not set a definitive schedule to complete its evaluation and does not intend to disclose developments with respect to this process unless and until the evaluation has been completed or a definitive agreement has been reached, unless otherwise determined or required by law.
About PetroFrontier Corp.
PetroFrontier has been an international oil and gas exploration company engaged in the acquisition and exploration of both conventional and unconventional petroleum assets in Australia's Southern Georgina Basin. PetroFrontier currently has in excess of $9 million in cash and no debt and has focused its attention on identifying and evaluating a range of options, which could include a recapitalization of PetroFrontier, a merger or other business combination of PetroFrontier with another entity or the sale of PetroFrontier as a whole.
PetroFrontier's head office is in Calgary, Alberta and its common shares are listed for trading 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 potential timing and results of the review process and 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: Earl Scott, President and CEO or Shane Kozak, Vice President Finance and CFO, PetroFrontier Corp. Suite 520, 1011 1st Street SW, Calgary, Alberta, Canada T2R 1J2, Telephone: (403) 718-0366, Fax: (403) 718-3888, Email: firstname.lastname@example.org, Website: www.petrofrontier.com