CALGARY,
April 28, 2014 /PRNewswire/
- (TSX-V: PFC) - PetroFrontier ("PetroFrontier") is
pleased to announce that the OzAlpha-1 well located in Exploration
Permit 104 in the Northern Territory, Australia has been successfully drilled and
cased by Statoil Australia Theta B.V. (the "Operator"). All of the
planned open hole well evaluation activities have been completed
and are now being analyzed. A total of 196 metres of core were
recovered in a continuous coring process, which penetrated the
Lower Arthur Creek and Thorntonia formations.
The 2014 Work Plan includes the drilling of up to
five wells and the completion and testing of up to three
wells. The decision by the Operator to case the well is
encouraging; however, it is too early to tell if this well will be
selected for completion and testing, as that decision has to
consider the ongoing evaluation work and the results of future
wells, not yet drilled.
The vertical exploration well design and
continuous coring process, developed by PetroFrontier in early 2013
as a means of more cost effectively exploring the South Georgina
Basin, has been successfully demonstrated by the Operator, as the
well was drilled without incident, on schedule and within
budget. "We are truly pleased with how the Operator was able
to take the new well design, and execute the program without
incident," said Earl Scott,
President and Chief Executive Officer of PetroFrontier.
The Operator has moved the rig to the former
Owen-3H location to abandon that well in accordance with Australian
regulations. Subsequent to that work, the rig will be moved
to the second well location of the five well program, OzBeta-1,
located in Exploration Permit 127. Readers are encouraged to review
the current investor presentation online to see both the well
locations and seismic cross sections.
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 an average net carried
17% working interest in approximately 13.5 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".
Forward-Looking Statements
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. 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.
