CALGARY, Oct. 31, 2014 /PRNewswire/ - (TSX-V:
PFC) - PetroFrontier Corp. ("PetroFrontier") is pleased to
announce that its wholly owned subsidiary, PetroFrontier
(Australia) Pty Ltd
("PetroFrontier Australia") has received $2,971,884 (Australian Dollars) in respect of
Research & Development tax incentives from the Australian
Taxation Office plus accrued interest of $101,783.
PetroFrontier's other wholly owned subsidiary, Texalta Australia
Pty Ltd ("Texalta"), has also filed for a Research &
Development tax incentive with the Australian Taxation Office in
respect of the same project during the same time period as
PetroFrontier Australia. Texalta could net up to $1,447,834 (Australian Dollars) as a result of
its claim. The outcome of the Texalta tax filing is uncertain
and is expected to be resolved prior to year end.
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.
