CALGARY, March 2, 2015 /CNW/ - (TSX-V: PFC) – PetroFrontier Corp. ("PetroFrontier" or the "Corporation") announces that it has retained GMP Securities L.P. ("GMP") as the Corporation's exclusive financial advisor. PetroFrontier currently has in excess of $10 million in cash and no debt and has been identifying and evaluating a wide range of options for the Corporation. A resulting transaction could include a merger or other business combination of PetroFrontier with another entity, a recapitalization, a purchase of assets, a joint venture, a farm-in or the sale of PetroFrontier as a whole.
PetroFrontier cautions that there are no guarantees that this focused effort and the engagement of a financial advisor will result in a transaction or, if a transaction is undertaken, as to its terms or timing. The Corporation has not set a definitive schedule to complete its evaluation and does not intend to disclose developments with respect to this process until either a definitive agreement has been reached or the process has been terminated, unless otherwise determined or required by law.
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. 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: [email protected], Website: www.petrofrontier.com