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