CALGARY, Aug. 9, 2012 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is very pleased to announce
that the vertical section of the "Owen-3" horizontal well has been
drilled to a measured depth of 1,180 metres. Drilling of the horizontal
sidetrack is underway and is expected to reach up to 1,000 metres in
approximately three weeks. This will be PetroFrontier's third
horizontal exploration well in the Southern Georgina Basin, Northern
A total of 32.5 metres of core was cut and retrieved from the Lower
Arthur Creek "Hot Shale" and Thorntonia Carbonate formations.
PetroFrontier is very encouraged by the initial assessment of the cores
which seeped oil upon retrieval and had extensive florescence
throughout. The well was also wire line logged with equally encouraging
results indicating over 25 metres total vertical depth ("TVD") of
hydrocarbon bearing formation.
Completion operations are expected to commence later in August.
PetroFrontier intends to conduct ten-stage fracture stimulations at
each of its three wells: MacIntyre-2H, Baldwin-2Hst1 and Owen-3H. In
order to maximize operational efficiencies, the wells will then be flow
tested after all wells have been fracture stimulated.
PetroFrontier is encouraged by the results to date and the fact that
there are now three wells that have shown very encouraging oil and gas
indications in the Lower Arthur Creek "Hot Shale". These results have
the potential to add significant value for PetroFrontier shareholders.
About PetroFrontier Corp.
PetroFrontier is an international oil and gas company engaged in the
exploration, acquisition and development of both conventional and
unconventional onshore petroleum assets in Australia's Southern
Georgina Basin. Founded in 2009, PetroFrontier is one of the first
companies to undertake onshore exploration in the Southern Georgina
Basin in Australia's Northern Territory. PetroFrontier's head office is
in Calgary, Alberta and its operations office is in Adelaide, South
Australia. PetroFrontier's 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,
statements pertaining to the initial assessment of the core and
management's future plans and operations. 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.
Suite 320, 715 5 Ave. S.W.
Calgary, Alberta, Canada T2P 2X6
Telephone: (403) 718-0366
Toll Free: (877) 822-7280
Fax: (403) 718-3888