CALGARY,
July 22, 2014 /PRNewswire/ -
(TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is
pleased to announce that Statoil Australia Theta B.V. ("Statoil"),
PetroFrontier's joint venture partner and the operator of the 2014
work program and budget ("2014 WP&B") has initially selected
two of the wells from the 2014 WP&B for completion and testing.
The OzAlpha-1 and OzBeta-1 wells are believed to provide the best
opportunities to test the concept of extracting oil from the Lower
Arthur Creek and Thorntonia formations. Statoil has developed
comprehensive completion and testing programs and has commenced
operations on the OzBeta-1 well.
OzAlpha-1
The OzAlpha-1 well was drilled to a total
vertical depth ("TVD") of 1,250 metres and encountered a combined
total of approximately 88 metres of Lower Arthur Creek Hot Shale
and Thorntonia formations, which is very near prognosis. Multiple
oil shows were recorded while drilling and a continuous coring
operation recovered approximately 196 metres of core.
PetroFrontier's independent third party petrophysical analysis has
identified a total net oil pay of 20 metres within the Arthur Creek
and Thorntonia formations utilizing a porosity cut off of 2% and a
water saturation cut-off of 58%. Statoil has developed a completion
and testing program for this well which includes perforating a
three metre interval, performing a hydraulic fracture stimulation
and testing the well with a jet pump. The main objective of the
completion is to test the concept of oil production from these
formations which has yet to be proven. Subject to contractor
availability, weather and regulatory approvals, testing operations
are anticipated to be completed early in the fourth quarter of
2014.
OzBeta-1
The OzBeta-1 well was drilled to a TVD of 1,442
metres and encountered a combined total of approximately 124 metres
of Lower Arthur Creek Hot Shale and Thorntonia formations, which is
also very near prognosis. Multiple oil shows were recorded while
drilling and a continuous coring operation recovered approximately
99 metres of core. PetroFrontier's independent third party
petrophysical analysis has identified a total net oil pay of 29
metres within the Arthur Creek and Thorntonia formations utilizing
a porosity cut off of 2% and a water saturation cut-off of 58%.
Statoil has developed a completion and testing program for this
well and operations have commenced. The program includes
perforating a three metre interval, performing hydraulic fracture
stimulation and testing the well with a jet pump. As with the
OzAlpha-1 well, the main objective of the completion is to test the
concept of oil production from these formations which has yet to be
proven. Subject to contractor availability, weather and regulatory
approvals, testing operations are anticipated to be completed early
in the fourth quarter of 2014.
OzEpsilon-1
Statoil has successfully drilled and evaluated
the fifth and final well of the 2014 WP&B, OzEpsilon-1. This
well is located in Exploration Permit 128 and provides
stratigraphic information, which reinforces regional seismic and
geological interpretations. The well was drilled to a TVD of
665m and encountered a combined total of approximately 81m of Lower
Arthur Creek Hot Shale and Thorntonia formations. A total of 67
metres of core were recovered in a continuous coring process, which
penetrated the Lower Arthur Creek and Thorntonia formations. All of
the planned open hole well evaluation activities have been
completed. The well has been abandoned as anticipated due to its
shallow depth and additionally, a lack of hydrocarbon indicators
while drilling.
OzGamma-1 and OzDelta-1
Evaluation of these wells is currently in
progress. These wells will be abandoned as part of the 2014 WPB.
However, the decision to test prior to abandonment will be
influenced by the test results of OzAlpha-1 and OzBeta-1.
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.
