Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
PetroFrontier Corp. releases second quarter 2013 financial and operating results
CALGARY, Aug. 28, 2013 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") today released its second quarter 2013 financial and operating results. A copy of PetroFrontier's unaudited condensed consolidated 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.
We need a couple of other nice moves like that and certainly news as it's very quiet these days.
PetroFrontier Corp. obtains approvals for Amended Farmin Agreement with Statoil
CALGARY, July 19, 2013 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is very pleased to announce that the Foreign Investment Review Board of Australia ("FIRB") has no objection to, and the TSX Venture Exchange ("TSXV") has conditionally approved, the Amended Farmin Agreement between Statoil Australia Theta B.V., a wholly owned subsidiary of Statoil ASA ("Statoil") and PetroFrontier. Subject to final approval of the TSXV upon filing of final documents, these approvals satisfy the last condition precedent of the Amended Farmin Agreement announced on June 11, 2013.
Tamtam
Statoil Takes over Sept.1-
? Phase 1 & 2A (2013 and 2014):
o Statoil will spend the next US$50 million on exploration (PetroFrontier –
nil) and assume operatorship on September 1, 2013o At the end of Phase 2A, Statoil will have the option to continue to Phase
2B; if Statoil elects not to continue, it must return to PetroFrontier 50%
of its former WI in the Permits, such that ownership will then be: Statoil
(30%), PetroFrontier (70%)
? Phase 2B (2015):
o Upon proceeding to Phase 2B, Statoil will spend the next US$30 million
on exploration (PetroFrontier – nil)
o At the end of Phase 2B, Statoil will have the option to continue to Phase
3; if Statoil elects not to continue to Phase 3, then it must return to
PetroFrontier 25% of its former WI in the Permits, such that ownership
will then be Statoil (55%), PetroFrontier (45%)
? Phase 3 (2016):
o Upon proceeding to Phase 3, Statoil will spend the next US$80 million on
exploration (PetroFrontier – nil)
o At the end of Phase 3, Statoil will own 80% and PetroFrontier will own
20% of PetroFrontier’s former WI in the Permits
At the end of Phase 3, Statoil will have completed its funding obligations under the
Amended Farmin Agreement and the sharing of future costs between Statoil and
PetroFrontier will be based on their then respective ownership interests.
futr
Great news... should start heading back to $1 now.
Excellent news.
Statoil is the company that bought out Brighram Exploration in the Bakkan
Statoil Buys Brigham Exploration for $4.4 Billion Cash to Gain Oil Shale
http://www.bloomberg.com/news/2011-10-17/statoil-to-buy-outstanding-shares-of-brigham-exploration-for-36-5-a-share.html
http://www.statoil.com/en/NewsAndMedia/News/2011/Pages/XXX16Oct2011.aspx
douginil
This sounds very exciting in the short term
385 km 2D seismic program and the drilling and stimulation of four to six vertical test wells
CALGARY, June 11, 2013 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is pleased to announce that it has agreed to amend the existing farmin agreement with Statoil Australia Oil & Gas AS ("Statoil") whereby Statoil has committed to spend the next US$50 million throughout the remainder of 2013 and 2014 to fully fund up to a 385 km 2D seismic program and the drilling and stimulation of four to six vertical test wells (the "Amended Farmin Agreement").
Throughout 2012 and the first half of 2013, PetroFrontier and Statoil jointly spent approximately US$30 million on exploration in the Southern Georgina Basin, thereby gaining valuable geological information. Under the Amended Farmin Agreement, Statoil could spend a total of up to US$175 million by the end of 2016 before PetroFrontier will be required to contribute further. Statoil will also become the operator effective September 1, 2013.
"We have worked with our financial advisor, GMP Securities L.P., over the past five months reviewing various strategic opportunities and feel that we have reached a transaction best representing the interests of our shareholders," said Paul Bennett, President and CEO of PetroFrontier. "We are very pleased that Statoil is clearly interested in the exploration of the Southern Georgina Basin. Its commitment to further explore the basin is a very positive indication of their belief in the prospectivity of the area. In addition, while retaining a significant working interest, we eliminate our US$10 million capital commitment and our need to raise additional financing."
"We believe the Southern Georgina Basin asset to be potentially very prospective and we are happy to assume operatorship for this 14 million acre area. This deal is in line with our exploration strategy where we pursue access early and at scale to de-risk the plays and grow organically through exploration activities. We will continue the good work done by PetroFrontier with the aim of clarifying the prospectivity", said Vice President Vidar Skjæveland in Statoil's onshore exploration unit.
With working capital of approximately $11.3 million at March 31, 2013, no debt and reduced operating expenses going forward, as a result of the Amended Farmin Agreement, PetroFrontier is now positioned for new growth opportunities.
Under the terms of the Amended Farmin Agreement, up to the next US$160 million of exploration costs will be fully funded by Statoil over three phases to the end of 2016, in return for 80% of PetroFrontier's working interest ("WI") in EP 103/EP 104 (100% WI), EP 127/EP 128 (75% WI) and EPA 213/EPA 252 (100% WI) in the Southern Georgina Basin, Northern Territory, Australia (collectively the "Permits").
Phase 1 & 2A (2013 and 2014):
Statoil will spend the next US$50 million on exploration (PetroFrontier - nil) and assume operatorship on September 1, 2013
At the end of Phase 2A, Statoil will have the option to continue to Phase 2B; if Statoil elects not to continue, it must return to PetroFrontier 50% of its former WI in the Permits, such that ownership will then be: Statoil (30%), PetroFrontier (70%)
Phase 2B (2015):
Upon proceeding to Phase 2B, Statoil will spend the next US$30 million on exploration (PetroFrontier - nil)
At the end of Phase 2B, Statoil will have the option to continue to Phase 3; if Statoil elects not to continue to Phase 3, then it must return to PetroFrontier 25% of its former WI in the Permits, such that ownership will then be Statoil (55%), PetroFrontier (45%)
Phase 3 (2016):
Upon proceeding to Phase 3, Statoil will spend the next US$80 million on exploration (PetroFrontier - nil)
At the end of Phase 3, Statoil will own 80% and PetroFrontier will own 20% of PetroFrontier's former WI in the Permits
At the end of Phase 3, Statoil will have completed its funding obligations under the Amended Farmin Agreement and the sharing of future costs between Statoil and PetroFrontier will be based on their then respective ownership interests.
These amendments are subject to satisfaction of certain conditions precedent, including the approval of the Foreign Investment Review Board of Australia and the approval of the TSX Venture Exchange. Upon satisfaction of the conditions precedent (expected to be satisfied on or before July 1, 2013), PetroFrontier's strategic review process announced on December 4, 2012 will have been successfully completed.
About Statoil ASA
Statoil is an international technology-oriented energy company focused on upstream oil and gas operations and currently produces 2 million barrels of oil equivalents per day. Statoil has high ambitions for international growth and is active in 35 countries around the world. Statoil's shares are listed on both the Oslo Børs ("STL") and the New York Stock Exchange ("STO"). Statoil has a market capitalization of around US$72 billion and has 23,000 employees worldwide.
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, prior to the Amended Farmin Agreement, it held an approximate 85.5% working interest in 14.1 million gross acres. PetroFrontier's common shares are listed on the TSX Venture Exchange under the symbol "PFC". Founded in 2009, PetroFrontier is one of the first companies to undertake exploration in the Southern Georgina Basin in Australia's Northern Territory. PetroFrontier's head office is based in Calgary, Alberta and its operations office is in Adelaide, South Australia.
futr
Outlook
As at March 31, 2013, the Corporation had a working capital surplus of $11,326,337 with no debt. The
net exploration and evaluation asset expenditures incurred during the three months ended March 31, 2013
totaled $35,129 relating primarily to long lead item expenditures and planning costs associated with the
Corporation’s upcoming 2013 capital expenditure program in the Southern Georgina Basin.
During the first quarter of 2013, the Corporation’s senior management and Board of Directors have been
actively evaluating a number of opportunities arising from its formal strategic review process, as
announced in early January 2013. Due to the confidential nature of this process, PetroFrontier will not
disclose developments with respect to this process until a definitive agreement has been reached, as
determined or required by law. Those parties interested have signed confidentiality agreements, reviewed
the electronic data room and have been provided with detailed technical presentations by the
Corporation’s senior management team.
The Corporation’s Annual General Meeting, originally scheduled for Wednesday December 12, 2012,
was postponed and is expected to be held once the strategic alternative process is finalized.
AUCAF. 11 – 2.4 billion barrels of recoverable liquids and gas in these zones within ATP 582.
ATP 582 is the largest on shore permit in Queensland, comprising 5.0 million acres over portions of the Southern Georgina Basin and the Simpson Basin. Both basins are largely unexplored by North American standards, and bothare thought to be highly prospective for unconventional hydro-carbon resources.
As a result, large financial commitments have been made by world-class majorsincluding Statoil, Total and Santos on lands immediately offsetting ATP 582 in both basins.
It is the Hot Shale zone that is present throughout most of the [SOUTHERN]Georgina Basin, including the Dulcie Syncline area in N.T. and the Toko Syncline in QLD. It is this zone that is currently being evaluated by Petrofrontier and Statoil (up to $210.0 million combined work program) and to which independent evaluators have assigned considerable prospective resources. Within ATP 582, Ryder Scott has assigned 4.1 Tcf of recoverable prospective resources to the Hot Shale, however, it is the aforementioned log-defined source rock not present in the NT portion of Southern Georgina Basin that is of the primary interest to the Company. This zone has TOC of 1 to 2% and is thought to be not only prospective on its own, but also to be the source of the hydrocarbon shows observed in Mirrica, Netting Fence, and Todd wells. Management estimates 2.4 billion barrels of recoverable liquids and gas in these zones within ATP 582.This is the geological model shared by Central Petroleum Ltd. and Total, who have committed up to $190.0 million to the adjoining permits held by Central Petroleum Ltd. and who have likened the Arthur Creek to the highly prolific Vaca Muerta shale being exploited in Argentinaat present.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=88025910
Thanks futrcash , reading between the lines it will probably take a while before we see an uptick. Hopefully I'm wrong
Tamtam
President's Letter to Shareholders-
http://www.petrofrontier.com/en/presentations/april_2013_pres_message_v2.pdf?PHPSESSID=0f6i7p4rg74coil446ng1core4
futr
BHP has its eye on Aussie shale
By Mike King | The Motley Fool Australia – 18 hours ago
The world’s largest resources company, BHP Billiton (BHP.AX) is set to join a host of local and international oil
companies, digging for shale oil and gas in Australia.
According to The Australian, petroleum chief Mike Yeager said that the big miner was looking to broaden its footprint,
after spending around US$20 billion buying up US shale operations in 2011.
Mr Yeager has recently suggested the Canning Basin in Western Australia had good prospects. At the same time though, he
emphasised the problems Australia faces with a lack of infrastructure and distance compared to the US market, which has
extensive pipelines and an established drilling and servicing sector.
Last week, US giant Chevron announced plans to spend around $340 million to gain a stake in Beach Energy’s (BPT.AX)
Cooper Basin tenements. ConocoPhillips, Statoil, Total, BG Group and Hess have all previously moved into Australia’s shale
industry, mostly through farm-in agreements, where they agree to provide funding for drilling and exploration, for a part
share of the project.
Buru Energy (BRU.AX) has extensive landholdings in the Canning basin, and has already had some wins, with its Ungani
2 well producing 700 barrels of oil a day in a production test. Key Petroleum (KEY.AX), and New Standard Energy
(NSE.AX), both junior explorers on the ASX, are also drilling in the Canning basin.
Australia’s shale oil and gas industry is still in its infancy compared to the US and other regions. With the entry of several oil
giants, exploration and drilling is likely to hot up, and it’s one of the ‘hot’ sectors of the market.
Foolish takeaway
For every successful oil and gas explorer, there are probably at least another ten that never make it. An investment in this
sector on an unknown and unproven junior explorer is a bit like buying a lottery ticket. If the company is successful, the
share price will rocket, but investors have more chance of being disappointed.
Oil, copper, and gold continue to be in high-demand — and their popularity doesn’t look to be slowing. We’ve uncovered
three companies poised to benefit from the rising prices of these commodities. Get our brand-new report — “3 HighRisk/High-Reward Resources Stocks” — FREE!
More reading
Wipeout for Rip Curl
Housing: More green shoots
The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The
Motley Fool’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone
looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under
AFSL 400691). Authorised by Bruce Jackson. Motley Fool writer/analyst Mike King owns shares in BHP.
Kodiak (KOG) post #538. Arkait1 did not reference where he got that info.
Which stock are you talking about douginil?
This are should start heating up again soon! Hope we get an update sooner-than-later.
Chevron Corp latest oil major to make Australian shale bet
PERTH | Sun Feb 24, 2013 9:05pm EST
Feb 25 (Reuters) - The U.S.-based Chevron Corp became the latest in a string of oil majors that have decided to invest in Australian shale, announcing on Monday that it has bought interest in two gas blocks in the Cooper Basin from Beach Energy.
Chevron said it will initially acquire a 30 percent working interest in block PEL 218 in South Australia, and 18 percent working interest in block ATP 855 in Queensland. The deal gives Chevron the option of later increasing its interest in PEL 218 to 60 percent and the interest in ATP 855 to 36 percent.
Beach Energy will receive up to $349 million over two stages spanning several years for interest in the two gas blocks, Beach Energy said in a statement.
"The Cooper Basin is an established petroleum producing basin and provides the opportunity to leverage our expertise in tight gas," Roy Krzywosinski, Chevron Australia managing director, said, adding that it could also add to the company's natural gas portfolio.
The Cooper Basin is considered to be one of Australia's best prospects for commercially producing shale gas given its proximity to the country's eastern population centres and export infrastructure at the port of Gladstone.
Santos became the first to commercially produce shale gas from the Cooper Basin late last year from its Moomba-191 well, in which Beach Energy holds an interest.
Chevron is currently building two of Australia's largest liquefied natural gas (LNG) plants, Gorgon and Wheatstone, with a combined capacity of nearly 25 million tonnes per annum, in Western Australia.
Chevron is already a large player in natural gas on Australia's west coast. It is new both to unconventional gas development in Australia as well as to the country's east coast natural gas industry.
With the new acquisition, Chevron may also be looking to partner with other gas developers on the east coast, including those developing LNG plants at Queensland state's Gladstone port, Goldman Sachs analysts said in a note to clients Monday.
A series of videos about Pretoleuk Exploration.
Thanks to posts 2637 to 2653 from thinklink and the suggestion of CHN_760 to search for the author llau13 on the AOIFF boaard.
INote: 8.4 has a nice description of Fracking and horizontal drilling.
How the Earth was Formed
Chapter & Part : 1.1 -
PETROFRONTIER CORP. RETAINS GMP SECURITIES L.P.
TO ASSIST IN STRATEGIC REVIEW
Calgary, Alberta – January 14, 2013 (TSX-V: PFC) – PetroFrontier Corp.
(“PetroFrontier” or the “Corporation”) announces, further to its press release dated
December 4, 2012, that it has retained GMP Securities L.P. (“GMP”) as the Corporation’s
exclusive financial advisor. GMP will assist the Corporation in identifying and evaluating
a range of strategic alternatives, which could include a recapitalization of the
Corporation, a merger or other business combination of the Corporation with another
entity or the sale of the Corporation as a whole. Over the past few weeks, the
Corporation has received a number of inquiries, has opened an electronic data room and
has already signed confidentiality agreements with several parties.
PetroFrontier cautions that there are no guarantees that this strategic alternative review
process will result in a transaction or, if a transaction is undertaken, as to its terms or
timing. The Corporation has not set a definitive schedule to complete its evaluation and
does not intend to disclose developments with respect to this process unless and until
the evaluation has been completed or a definitive agreement has been reached, unless
otherwise determined or required by law.
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 it has an approximate
85.5% working interest in 14.1 million gross acres. PetroFrontier’s common shares are
listed on the TSX Venture Exchange under the symbol “PFC”. Founded in 2009,
PetroFrontier is one of the first companies to undertake exploration in the Southern
Georgina Basin in Australia’s Northern Territory. PetroFrontier’s head office is based in
Calgary, Alberta and its operations office is in Adelaide, South Australia.
futr
At this point...Buyout Rumors is the best explanation-
And short covering whenever the buying is trigerred-
imo
futr
seems you got me in right in time for almost a double.
thanks red
ok, thanks !
Abbam
In Canada : PFC.V
In the USA: PFRRF
Red
what's the symbol on yahoo
pfc .. not found
Thanks for ther welcome, futrcash, Doug, and tamTam. I had to come onboard when I noticed smart money in the form of investments by Heritage and Roz comimg in ( if, in fact,they have not already made their investment in Petro.
Red
Welcome to this board Red and Happy New year too
M
Welcome to the club Red.
douginil
Welcome aboard 'red' Roll the dice-
Major league partner in Statoil and humongous land position!
futr
Futrcash - opened initial position today at .355
red
Back > $.40!!
futr
Closing price is much better
Merry Christmas
Expecting something substantial with an insider purchase like that.
Blue chippers dont buy juniors for poker playing. Theres oil there and/or land holdings to consider.
Same ole same ole.
Yeah, I asked me the same question
Tamtam
Just reinforces the observation that the public Investor is always last to know what might be developing behind the scenes with a micro cap O&G Explorer.
Its almost always a blindfolded roll of the dice.
futr
.225 - why didn't I buy at .09! lol
And the beat goes on
As you said this mornibg,nice rise and now we see the reason
Thanks for posting it
Tamtam
.19 - Heritage Oil acquired additional 1,900,000 common shares of Petrofrontier!
QUOTE FROM NEWS RELEASE (SEE LINK BELOW)
"Together with Shares already held by Heritage, the Company now holds 15,860,467 Shares, representing approximately 19.98% of the outstanding Shares of PetroFrontier"
http://www.digitaljournal.com/pr/980805
Read more at http://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=31926237&l=0&r=0&s=pfc&t=list#2kuXRxHAW7i4UFv4.99
Very strong... this has to be a new leak.
I can't see who's buying(anonymus) but there must be a reason for such a sudden increase and on good volume too.
Tamtam
Anonymous is buying big on the TSX????
Somethings moving the sp in Canada now up 15%, can we expect positive news?
Tamtam
Followers
|
7
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
230
|
Created
|
03/18/11
|
Type
|
Free
|
Moderators |
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.
Presentations
2013 Market Holidays | Date |
---|---|
New Year's Day | January 1, 2013 |
Martin Luther King Jr. Day | January 21, 2013 |
President's Day | February 18, 2013 |
Good Friday | March 29, 2013 |
Memorial Day | May 27, 2013 |
Independence Day | July 4, 2013 |
Labor Day | September 2, 2013 |
Thanksgiving Day | November 28, 2013 |
Christmas | December 25, 2013 |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |