CALGARY, Oct. 28, 2013 /CNW/ - (TSXV: PFC) - PetroFrontier Corp. ("PetroFrontier" or the "Corporation") announces
that Mr. Paul Bennett, its President and Chief Executive Officer, who
has served the Corporation since its inception in early 2009, has
decided to retire from those positions effective October 31, 2013. Mr.
Bennett will also be leaving the Board of Directors of PetroFrontier,
but has agreed to consult to PetroFrontier until June 30, 2014.
"On behalf of my fellow directors, I would like to recognize Paul for
his valuable contribution to PetroFrontier and his service to its
employees and shareholders," said Robert Iverach, Q.C., Chairman of the
Board. "Paul's breadth of knowledge and experience have been
exceptional contributions both to PetroFrontier and to the advancement
of exploration in the Southern Georgina Basin of the Northern
Territory, Australia. The Board of Directors respects Paul's decision
to retire and sincerely thanks him for his loyal service. We wish him
all the best in his retirement."
PetroFrontier also announces that Mr. Earl Scott, its Chief Operating
Officer, has been promoted to President and Chief Executive Officer
effective upon Mr. Bennett's retirement. Mr. Scott will also join the
Board of Directors. Mr. Scott, a professional engineer, has been with
PetroFrontier since February 2012 and until its recent closing, headed
the Corporation's operating office in Adelaide, Australia.
"We are pleased to welcome Earl as our new President and Chief Executive
Officer," said Mr. Iverach. "Earl is completely conversant with our
Australian operations and with PetroFrontier's joint venture partner,
Statoil Australia Theta B.V. He has broad experience in the oil and gas
industry and most recently has proven strong leadership in project
delivery during his time with PetroFrontier. He will serve the
interests of PetroFrontier and its shareholders very well."
PetroFrontier also announces in conjunction with these management
changes that it has granted an aggregate of 3,920,000 stock options to
officers, directors and employees, subject to regulatory and TSX
Venture Exchange approval. These options are all exercisable at a price
of $0.18 per share, vest as to one third (1/3) on the date of grant, one third
(1/3) on each of the first and second anniversaries of the date of
grant and expire five years after the date of grant. Following this
grant, PetroFrontier Corp. will have 7,925,834 outstanding Options
representing 9.9% of its issued and outstanding common share capital.
Subject to regulatory approval, Mr. Scott has agreed to purchase 200,000
common shares of the Corporation at a price of $0.18 per share. Pursuant to applicable securities legislation, these common
shares are subject to a four month hold period.
About PetroFrontier Corp.
PetroFrontier is an international oil and gas exploration company
engaged in the exploration, acquisition and development of both
conventional and unconventional petroleum assets in Australia's
Southern Georgina Basin where, subsequent to its Amended Farmin
Agreement with Statoil Australia Theta B.V., it holds a net carried 20%
working interest in approximately 14.1 million gross acres.
PetroFrontier's head office is based in Calgary, Alberta and its 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,
regulatory approval of the private placement. 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:
Shane Kozak, VP Finance and CFO
Susan Showers, Manager, Investor Relations
Suite 320, 715 - 5 Ave. S.W.
Calgary, Alberta, Canada T2P 2X6
Telephone: (403) 718-0366
Fax: (403) 718-3888