CALGARY,
June 23, 2014 /PRNewswire/ -
(TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is very
pleased to announce that the fourth well in its 2014 Work Plan and
Budget (the "2014 WP&B") has now spud and drilling is underway.
The OzDelta-1 well is a vertical exploration well located in
Exploration Permit 128. This is the fourth of up to five vertical
test wells to be drilled as part of the 2014 WP&B. All wells
will include an extensive open hole evaluation program and up to
three of the wells will be cased for future hydraulic fracture
stimulation and production testing.
Prior to the spud of the OzDelta-1 well, Statoil
Australia Theta B.V., PetroFrontier's joint venture partner and the
operator of the 2014 WP&B, successfully drilled and cased the
third well of the 2014 WP&B, OzGamma-1. All of the planned open
hole well evaluation activities have been completed and are now
being analyzed. A total of 96 metres of core were recovered in a
continuous coring process, which penetrated the Lower Arthur Creek
and Thorntonia formations.
Subsequent to drilling the OzDelta-1 well, the
rig will be moved to the fifth well location of the five well
program, OzEpsilon-1, located in Exploration Permit 128. 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 a net carried 20%
working interest in approximately 13.1 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".
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.