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PetroFrontier Corp. announces annual general meeting results
CALGARY, Dec. 12, 2014 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") announces that all of the resolutions put forward in the Instrument of Proxy were passed at its Annual and Special Meeting of shareholders held on December 10, 2014. The full text of each resolution is contained in the Management Information Circular, which is available on SEDAR at www.sedar.com. The directors re-elected to the Board were Robert Iverach, Earl Scott, Al Kroontje, Martin McGoldrick, Michael Hibberd and Kent Jespersen.
As neither stood for re-election, the Board of Directors of PetroFrontier would like to recognize and thank Dr. James Buckee and Donald Rae for their service and valuable contributions to PetroFrontier as directors over the past few years and wish them both success in their future endeavors.
About PetroFrontier
PetroFrontier Corp. releases third quarter 2014 financial and operating results
CALGARY, Nov. 28, 2014 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") today released its third quarter 2014 financial and operating results. A copy of PetroFrontier's condensed consolidated interim financial statements and related management's discussion and analysis ("MD&A") can be obtained on SEDAR at www.sedar.com.
PetroFrontier Corp. Provides Update on Research & Development Tax Claim and Status of Amended Farmin Agreement with Statoil
CALGARY, Nov. 13, 2014 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is pleased to announce that its wholly owned subsidiary, Texalta Australia Pty Ltd has received $1,447,834 (Australian Dollars) in respect of Research & Development tax incentives from the Australian Taxation Office plus accrued interest of $51,679.
PetroFrontier has also received a notice from Statoil Australia Theta B.V. ("Statoil") indicating that expenditures in excess of US$50 million have been incurred under the Amended and Restated Farmin Agreement (the "Amended Farmin Agreement"), thus fully satisfying all of Statoil's Phase 2A commitments thereunder. Statoil is not expected to perform additional exploration expenditures beyond the approved 2014 Work Program and Budget and PetroFrontier anticipates receiving a notice from Statoil in due course that it will not be proceeding to Phase 2B in accordance with the Amended Farmin Agreement.
PetroFrontier Corp. Provides Litigation Update
CALGARY, Oct. 10, 2014 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") announces that Macquarie Capital Markets Canada Ltd. ("Macquarie") has filed a Statement of Defence and Counterclaim against PetroFrontier in response to the previously announced Statement of Claim filed by PetroFrontier in the Court of Queen's Bench of Alberta. PetroFrontier will vigorously proceed with its lawsuit against Macquarie and its defence of the Counterclaim.
Despite all good foresights PFC is trading flat at a one years low?
Thanks Douginil and futrcash, you both beated me
The link below gets you started. Scroll down for news releases
http://www.petrofrontier.com/
douginil
PetroFrontier announced the spudding of a fourth well in this years program today-
They also mentioned completing the casing of the third well,and taking a hundred meter core-
I would have linked the release,but am on my mobile,and never bothered learning how to do it...
futr
PetroFrontier Spuds OzGamma-1
CALGARY, May 30, 2014 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is very pleased to announce that the third well in its 2014 Work Plan and Budget (the "2014 WP&B") has now spud and drilling is underway. The OzGamma-1 well is a vertical exploration well located in Exploration Permit 103. This is the third 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 OzGamma-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 second well of the 2014 WP&B, OzBeta-1. All of the planned open hole well evaluation activities have been completed and are now being analyzed. A total of 99.1 metres of core were recovered in a continuous coring process, which penetrated the Lower Arthur Creek and Thorntonia formations.
Subsequent to drilling the OzGamma-1 well, the rig will be moved to the fourth well location of the five well program, OzDelta-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
PetroFrontier Corp. Releases First Quarter 2014 Financial and Operating Results
http://www.petrofrontier.com/en/financials/2014-03-31_q1_mda_pfc_final.pdf
PetroFrontier Spuds OzBeta-1
Calgary, Alberta – May 7, 2014 (TSX-V: PFC) - PetroFrontier Corp. (“PetroFrontier”) is very pleased to announce that the second well in its 2014 Work Plan and Budget (the “2014 WP&B”) has now spud and drilling is underway. The OzBeta-1 well is a vertical exploration well located in Exploration Permit 127. This is the second 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 OzBeta-1 well, Statoil Australia Theta B.V., PetroFrontier’s joint venture partner and the operator of the 2014 WP&B, used the rig to successfully abandon the Owen-3H well in accordance with Australian regulations. The 2014 WP&B is progressing on schedule and as approved by the Joint Operating Committee.
Subsequent to drilling the OzBeta-1 well, the rig will be moved to the third well location of the five well program, OzGamma-1, located in Exploration Permit 103. Readers are encouraged to review the current investor presentation online to see both the well locations and seismic cross sections
PetroFrontier Corp. provides operational update on the "OzAlpha-1" well
CALGARY, April 28, 2014 /CNW/ - (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".
CALGARY, April 2, 2014 /PRNewswire/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is very pleased to announce that the first well in its 2014 Work Plan and Budget (the "2014 WP&B") has now spud and drilling is underway. The Oz-Alpha 1 well is a vertical exploration well located approximately 50 km south west of the Owen 2 well on Exploration Permit 104. This is the first 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.
Statoil Australia Theta B.V., PetroFrontier's joint venture partner and the operator of the 2014 WP&B, is progressing the program as approved by the Joint Operating Committee. Procurement of completions and testing services is moving ahead with stimulation and testing operations expected to commence in Q3 2014.
Road and lease construction for the second well, Oz-Beta 1 is also underway and progressing on schedule.
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".
Do you mean this one douginil
http://www.petrofrontier.com/en/presentations/pfc_-_investor_presentation_final_16-01-2014.pdf
and here is the january coorporate fact sheet
http://www.petrofrontier.com/en/presentations/jan_2014_fact_sheet_final.pdf
Hi TT
You may want to post the link to the January 2014 Presentation
douginil
Good find...finally getting underway!
futr
Agree 37% up on more than usual volume and no news!! Missed that yesterday
TT
somethings cooking!
futr
every so often, it seems we get a new investor-
futr
Not a bad play-I've been taking a position lately.
Real action is still pretty far off.
Unfortunatly the happiness did't last long
Looks like people were happy with the update.
Makes us wonder
Some Big Time buying going on!
futr
I wouldn't agree that they're giving up on the earlier wells-
Seems to me they can already use the info from the earlier wells,and need to get the biggest return on the current CAPEX budget by initiating further exploration in other high graded areas from the recently completed seismic.
Seems they determined that the earlier three wells are all in need of expensive redrilling so why spend the money now when the money can be put to better use elsewhere?
futr
Kind of bummed that they are giving up on the wells already drilled but 5 new ones is HUGE!
I was anticipating an update-
Looks good "up to five vertical test wells" this coming campaign-
with up to three of them hydraulically fractured,and an extensive coring and open hole evaluation program!
Should find out a lot from this.
futr
PetroFrontier Corp. announces 2014 Work Plan and Budget for the Southern Georgina Basin
CALGARY, Jan. 7, 2014 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is pleased to announce that the Joint Venture Operating Committee has approved the 2014 Work Plan and Budget (the "2014 WP&B"). The 2014 WP&B includes the drilling of up to five vertical test wells. All wells will include an extensive coring and open hole evaluation program and up to three of the wells will be hydraulically fractured and production tested.
"This program reflects the synergies of having Statoil technical staff imbedded in PetroFrontier's former Adelaide office for over a year," stated Earl Scott, PetroFrontier's President and CEO, "Statoil and PetroFrontier staff were able to quickly achieve alignment and Statoil staff have diligently developed their "in country" operating capability. Both Statoil and PetroFrontier are keen to move forward and further test the oil production potential of the Southern Georgina Basin, which the 2014 WP&B will provide for in a capital efficient way. Depending on government approvals, weather and service company availability, we hope to see drilling results in Q3 and testing results in Q4."
Under the terms of the Amended Farmin Agreement between Statoil Australia Theta BV ("Statoil") and PetroFrontier (the "Amended Farmin Agreement"), Statoil has committed to spend a minimum of US$50 million in Phase 2A, which includes the Amy 2D seismic program completed in August of 2013 and the new vertical test wells.
Also included in the Amended Farmin Agreement is Statoil's commitment to bear the cost of abandonment and reclamation of surface lands as well as the existing three wells at no cost to PetroFrontier. These operations are also planned for 2014 to capture operational and cost efficiency. Statoil (the "operator") does not believe material new information will be obtained from testing the Macintyre-2H well, as the presence of H2S is believed to be an indication of water in the wellbore area, as was seen in the Owen-3H well. The new wells have been selected to avoid vertical faulting, which is believed to be the primary source of water and with it, H2S, at the Owen-3H and Macintyre-2H wells. The Baldwin-2Hst1 well with its casing failure is considered by the operator to warrant permanent abandonment.
Baraka Energy & Resources Ltd ("Baraka"), a 25% working interest owner in EP 127 and EP128 is disputing the 2014 WP&B on these blocks. PetroFrontier does not see merit in Baraka's objections and both Statoil and PetroFrontier are keen to move forward with the work plan announced. The joint operating agreement ("JOA") among the parties does provide for the potential dilution of Baraka's 25% working interest should it refuse to pay its cash calls. Statoil and PetroFrontier together hold 75% of the working interest and have voted to approve the 2014 WP&B in accordance with the JOA. These issues may result in a realignment of the actual work performed on EP127 and EP128 but are not expected to have a material impact on the overall technical results of the 2014 work program and information gathered.
Upcoming Investor Presentations
On January 19 and 20, 2014 PetroFrontier will participate, in conjunction with Proactive Investors, at the Vancouver Resource Investment Conference. This will be followed by a series of Proactive Investors One2One forums in Vancouver (January 21), New York (January 22), Toronto (January 23) and Montreal (January 24). To find out more details and to register for any of these events, please go to Proactive Investors.
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.
please contact:
Earl Scott, President and CEO, or
Susan Showers, Manager, Investor Relations
PetroFrontier Corp.
(please note address change)
Suite 520, 1011 - 1st Street S.W.
Calgary Alberta T2R 1J2
Telephone: (403) 718-0366
Fax: (403) 718-3888
Email: info@petrofrontier.com
Website: www.petrofrontier.com
Copyright CNW Group 2014
Source: Canada Newswire (January 7, 2014 - 6:05 AM EST)
When will we get this announcement?
PetroFrontier Corp. Releases Third Quarter 2013 Financial and Operating Results
CALGARY, Nov. 28, 2013 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") today released its third quarter 2013 financial and operating results. A copy of PetroFrontier's unaudited condensed consolidated interim financial statements and related management's discussion and analysis ("MD&A") can be obtained through PetroFrontier's website and on SEDAR at www.sedar.com.
Tamtam
Oil Shale Fracking Technology-
Good article in today's RigZone regarding prospects for success of International
Oil and Gas shale development.
http://www.rigzone.com/news/oil_gas/a/130174/Kemp_Shale_20_Going_Global/?all=HG2
futr
I love the “$20 Trillion Opportunity” story, hopefuly this becomes truev
Coober Pedy and the “$20 Trillion Opportunity”
Posted on March 7, 2013 by Travis Johnson, Stock Gumshoe
Not new? Please log in at top right of this page
This piece was originally published as part of the Friday File two weeks ago, and we’re re-sharing this excerpt with all of our free readers because the ad is driving so many questions our way. It has not been edited or updated, though to our knowledge neither has the original “interview” ad from mid February.
The latest teaser ad for the Energy Inner Circle newsletter (edited by Dr. Kent Moors) is pitching the next great shale oil area — and it’s in Australia.
The tease tells us that a tiny town called Coober Pedy, which is in an almost uninhabitable part of South Australia, is about to become an immense power center of such influence that it will rival the oil sheikdoms of the Middle East, all because of a $20 trillion find that’s going to make at least a few companies (and you, of course) stinkin’ rich.
Coober Pedy is a mining town, miles from anywhere and unusually dry and hot even for the driest continent on earth, and they’re known for mining opals — it’s also a place where only a couple thousand people live, and much of the revenue comes from tourists who come to see the old opal mines and gawk at the underground houses and churches that have been built to help people survive the desert heat. Other than that, there’s not much reason anyone should have heard of it.
Until recently, apparently — there have been rumors and explorers about the work that Linc Energy and others have done exploring for shale oil in Australia, and particularly of the Arckaringa Basin in this specific area. It’s not too far from other tight oil and gas formations in Australia (200 miles counts as “not too far” in the boonies), but there’s not been enough promise of economic reservoirs of oil to get much investment into the area. Until, perhaps, now.
Linc Energy is the central focus of the ad and of any stories about the Arckaringa Basin, and it’s pretty well known (and revealed in the “interview” teaser ad, this isn’t a secret pick) — they have all the leases in the Arckaringa Basin and have been the ones drilling and exploring there for a few years. And they also released impressive estimates in January that got everyone excited, talking about the potential for 200 billion barrels of oil or more. You can see the chatter that’s been happening over this massive Arckaringa Basin potential and Linc Energy in a Wall Street Journal piece here, and in a CBC piece here. It sounds like most of the experts, and Linc themselves, are talking it down to maybe three or four billion barrels as the more reasonable lowball expectation for possible someday recoverable oil.
So, as you can imagine, Moors says “This is going to be huge” — but it’s going to involve other companies as well.
Linc is going to need lots of funding and help from experienced partners to develop anything. They have bankers advising them now to raise the money, and governments are apparently involved in holding hands and making sure that companies get involved to push the development of this field.
He says in the video that he recommended Linc the same day that the news came out — and that it’s a great long-term play, but it’s already shot up so he has other stocks to suggest.
Interestingly, unlike many newsletter folks who try to look below the billion dollar story (Linc is still small by oil company standards, but has a billion dollar market cap) to find the little unheard of story of some neighboring landholder or unknown partner … Moors pitches two large, international companies that he thinks will be major beneficiaries, he calls them the operators and service providers (“OSPs”). Maybe this is because Arckaringa has no other landowners to speak of (Linc apparently has it all locked up), or because the emerging shale searchers in Australia aren’t particularly related to this headline-gathering story.
We’re told that the operators are those who are going to invest early and help fund the exploratory drilling. The service providers are the experts in this type of huge find and in shale production and pipelines, etc. All of the companies are apparently heavily traded in New York, major stocks and large companies that will play off of this find as it generates profits for years to come.
He says, and I’m paraphrasing because I didn’t have the patience to listen to the video too many times, that “the company I’m hearing consistently as the most likely to benefit most is a huge company, has experience farming in to other major projects, government support, and plenty of financing.”
And Moors suggests that there are huge potential returns for the operator, with 135% or better return within the first year thrown out as a possibility. He also teases a chain of options plays that he thinks you can make on the stock to magnify those gains, but I don’t think anyone’s made an argument that Kent Moors is an expert options trader so we’ll leave that to you to dither with if you’d like.
But what is the stock? Well, frankly, Moors provides no real clues on this one — so I’ll have to guess. If I’m hazarding a guess at the company most likely to get involved with a $200-300 million farm-in deal for the Arckaringa basin and get early access to a potential large shale discovery there, my guess is … Statoil (STO).
They have little net debt, strong government backing (they’re controlled by the government of Norway), plenty of shale and farm-in expertise around the world (including their takeover of Brigham Exploration in the Bakken a couple years ago), and they’re already active in early-stage exploration for shale energy in Australia through their joint venture with PetroFrontier in the Northern Territories.
This is just a guess, there are easily several dozen international oil majors that are big enough to fund an early commitment to this project, and who are desperate for new reserves, I just think Statoil is a likely fit. I do not, however, think that the discovery is likely to cause any $50+ billion oil company to double in share price over the next year — that seems like wide-eyed optimism for a project that may indeed be massive but is years and years (expensive years, too) away from production.
I’m no energy expert, but that seems like a stretch — the biggest beneficiary of lucrative farm-in deals would probably still be Linc Energy, which does trade in the US through a sponsored ADR on the pink sheets (LNCGY is the sponsored 1:10 ADR, LNCYF is the 1:1 pink sheets ticker — both are somewhat tradeable for small investors, there is some volume, but if you buy be careful to price your limit order based on the fair value that’s set on the Australian stock exchange — that ticker is LNC.AX on Yahoo Finance — and do your currency conversion to find a reasonable US$ price). Of course, Linc has also shot up incredibly since they announced the discovery in January — though, in their defense, it’s also a real company beyond this Arckaringa discovery, with real projects that generate revenue now. It wouldn’t be a billion dollar company without the Arckaringa discovery and speculation, but it would be real and be generating revenue.
Who’s the service provider Moors teases? He says that there’s someone who is currently active in Australia, who has set up infrastructure and has projects, and has a close connection to the South Australia provincial government. He also noted that when this teased company announces major service contracts, we might easily see them up 100-400% in the next 18 months. And apparently he thinks there will be a winning option trading strategy to ride these stocks higher too.
And that’s about what we learn in the way of clues — so what’s his big company “service provider” pick for this South Australia field? Well, again the clues are not overwhelming … but if you’re talking South Australia and hydrofracking services I think you almost have to give Halliburton (HAL) the pole position. They’re already very active in oil and gas services in Australia, including the coal bed methane projects in the east of the country and the many projects in the Cooper Basin, which is just a couple hundred miles from Coober Pedy. Halliburton spinoff KBR also has a significant presence in South Australia, though that’s apparently more infrastructure and defense related.
So … I don’t know whether or not Arckaringa will turn out to be the next Bakken (or bigger), but if it even comes close there will be ridiculous billions poured into this sparse corner of the world and it would not be at all surprising if the money flowed most vigorously to the big oil companies — they are, after all, quite expert at turning the tide of cash in their direction over time. Here are a few other pieces on the find if you want to get your head around it:
“Reality check for Linc Oil Find”
Linc Energy Signals Shale-oil Bonanza
Linc Energy Shale Oil Find Met With Share of Caution
I’ll confess that I was a little disappointed not to be facing a veiled teaser for Linc Energy, or even for one of the more obscure little shale explorers in other Australian fields … but if my guesses turn out to be where Kent Moors is steering is subscribers I do like Statoil and can’t complain much about the valuation of Halliburton, and there’s plenty of information out there for you to make your own choices about those picks.
I don’t own any of the stocks I’ve mentioned and, frankly, I’m not champing at the bit to buy them because of this discovery … but that’s at least as much because I’m already overexposed to oil exploration in my portfolio as it is due to any reluctance to speculate on a new discovery, so you can go forth and make your own call on Arckaringa and the various possible picks — no matter which large cap companies get involved, I’ll be shocked if they double in a year just because they get a piece of this field.
http://stockgumshoe.com/reviews/energy-inner-circle/coober-pedy-and-the-20-trillion-opportunity/
Thanks... good stuff!
nice summary futrcash
Statoil moving forward ----2013-14 Timeline--
US$ 50.0 MM Fully-Carried 2013/2014 Capital Program
• Assumed operatorship on September 1, 2013
• 304 km AMY Seismic program to be interpreted late Q4
• Currently mobilizing a technical team of 15-20 including a 4-6
person drilling group from Houston, TX to Adelaide
• Drilling program of 4-6 exploration wells completed by end of 2014
o Definitive timelines pending finalization of rig contracts
o Vertical wells to be fully logged and cored
o Perforate, fracturing and flow testing possible on 2 or more
o Wells to be located on 3 of the four active permits
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Investment case
• Farmin agreement with Statoil Australia provides a full carry of up to $175 MM of exploration and
development funding
• Statoil assumes operatorship September 1, 2013; drilling activity to ramp up in 2014
• Proven expertise in Statoil as it continues to drive profitable growth across the globe with continued
exploration success
A Major Coup! Winning Statoil to join and to renew as a JV partner
• Statoil to fully carry US$50.0 MM 2013/2014 capital exploration program; optionality for fully funded capital
programs over next 3 years
• Eliminates the need for PetroFrontier to raise additional financing; $9.6 MM current working cash position
Fully funded exploration program through to 2016
• High value resource base remains in place; Unconventional ~26.4 BBbl, Conventional ~1.2 BBbl
(Ryder Scott, Nov 2010)
• PetroFrontier retains 20% working interest in massive tracts of under explored permits in Australia;
12.2 MM net acres
• Statoil Farmin Agreement values land at $17.93/acre or $218.75 MM
Big resource numbers; Unparalleled frontier land base
• Average 10 day trading price of $0.21/share; full carry farmin implies a value of $0.67/share
Attractive valuations; currently trading at a huge discount
• Cost reduction program reduces cash burn; positions PetroFrontier to pursue new growth opportunities
• Currently evaluating domestic and international opportunities
futr
Thanks for the update. I made money when Statoil bought Bingham in the Bakkan and expect to make money with Statoil working with Petrofrontier.
douginil
Thanks for the update futrcash. Yes PFC is still undervalued but am sure this will change now that Statoil is pulling the strings
Tamtam
CALGARY, Sept. 26, 2013 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") announces that all of the resolutions put forward in the Instrument of Proxy were passed at its Annual and Special Meeting of shareholders held earlier today. The full text of each resolution is contained in the Management Information Circular, which is available on PetroFrontier's website. The directors re-elected to the Board were Robert Iverach, Paul Bennett, Dr. James Buckee, Donald Rae, Al Kroontje, Martin McGoldrick and Kent Jespersen.
PetroFrontier would also like to welcome a new Board member, Mr. Michael J. Hibberd. Mr. Hibberd is currently Chairman of Heritage Oil PLC (London Stock Exchange, "LSE"), Heritage Oil Corp. (TSX and LSE), Canacol Energy Corp. (TSX and Bolsa de Valores de Colombia) and Greenfields Petroleum Corporation (TSX-V) and Co-Chairman of Sunshine Oilsands. Mr. Hibberd is also a director of Montana Exploration Corp. and PanOrient Energy, both of which are listed on the TSX Venture Exchange. He is President and CEO of MJH Services Inc., a corporate finance and advisory company and he brings extensive international energy project planning and capital markets experience to PetroFrontier.
PetroFrontier provided a presentation update and the full version is available on its website at www.petrofrontier.com.
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 the Amended Farmin Agreement, it holds a net carried 20% working interest in approximately 14.1 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".
SOURCE: PetroFrontier Corp.
For further information:
Paul Bennett, President and CEO, or
Susan Showers, Manager, Investor Relations
PetroFrontier Corp.
Suite 320, 715 - 5 Ave. S.W.
Calgary, Alberta, Canada T2P 2X6
Telephone: (403) 718-0366
Fax: (403) 718-3888
Email: info@petrofrontier.com
Website: www.petrofrontier.com
futr
Maybe we'll get more details the date of the shareholders conference-
PetroFrontier Corp. completes seismic program on Southern Georgina Basin permits, Australia and updates corporate activities
CALGARY, Sept. 6, 2013 /CNW/ - (TSXV: PFC) - PetroFrontier Corp. ("PetroFrontier") is pleased to announce that it has completed the "AMY" 2D proprietary seismic acquisition program consisting of 304 km on its Southern Georgina Basin exploration permits in the Northern Territory, Australia. Interpretation of the data gathered will be the next step in determining drilling locations for conventional and unconventional exploration wells as part of the 2013/2014 capital exploration program in the Southern Georgina Basin to be announced at a later date.
Corporate Updates
Pursuant to the Amended Farmin Agreement announced on June 11, 2013, Statoil Australia Theta B.V. ("Statoil") has assumed operatorship of PetroFrontier's four exploration permits (EP 103, EP 104, EP 127, EP 128) and exploration permit applications (EPA 213 and EPA 252) effective September 1, 2013. Consequently, PetroFrontier has released all staff in its operations office in Adelaide, Australia and that office is now closed.
With working capital of approximately $9.6 million at June 30, 2013, no debt and no ongoing exploration expenses as a result of the recent Amended Farmin Agreement with Statoil, PetroFrontier is now well positioned to pursue new growth opportunities. The Board of Directors and senior management will now focus on evaluating the best strategy going forward for the benefit of all shareholders.
Annual and Special Meeting of Shareholders
PetroFrontier's Annual and Special Meeting of shareholders will be held Thursday September 26, 2013, at the Main Floor Conference Centre, 715 5th Avenue SW, Calgary Alberta, T2P 2X6, at 10:00 a.m. (Calgary time).
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PetroFrontier has an average working interest of 87% in 14.1 mm gross acres of land in what management believes to be the most prospective hydrocarbon region of the Southern Georgina Basin. The hydrocarbon window within these lands ranges from oil mature to gas mature.
These lands cover four Exploration Permits: EP 103, EP 104, EP 127 and EP 128 and Exploration Permit Applications: EP 213 and 252. The permits are relatively close to oil and gas markets and infrastructure with a gas pipeline to the north coast, rail connections north and south and public roads to a refinery at Alice Springs.
Permit/License | Working Interest | Gross Acreage (acres) |
EP 103 | 100 % | 3.16 million |
EP 104 | 100 % | 2.55 million |
EP 127 | 75 % | 3.90 million |
EP 128 | 75 % | 3.95 million |
EPA 213 | 100% | TBD |
EPA 252 | 100% | TBD |
PetroFrontier's strategy is two-fold -- to unlock unconventional and conventional resources in the basin:
1. To maximize the hydrocarbon potential of the Southern Georgina Basin in the oil rich
Arthur Creek "Hot Shale" through unconventional drilling and completion technologies.
2. To test identified conventional carbonate ramp and sandstone prospects in the basin.
Long range exploration planning includes accurately defining the regions of oil and gas maturity within the basin so as to target exploration efforts to the most liquid rich hydrocarbon areas and areas with the best flow rates.
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2013 Market Holidays | Date |
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Memorial Day | May 27, 2013 |
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