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Ouch
The late drilling start dates in 2011 and 2012 had to be disappointing to investors. Although, in early 2011 they were in the process of buying out Texalta.
PFC spudded Baldwin-2 on 8/3/11. They completed the drilling on 10/11/11. They had to sidetrack the horizontal.
PFC spudded MacIntyre-2 on 10/28/11 and completed the inclined pilot hole on 11/21/11. The rig was then demobilized due to the rainy season.
PFC expected to commence drilling on the MacIntyre-2 horizontal in mid-march 2012. They actually commenced drilling on 6/4/12 and completed drilling on 6/25/12.
PFC spudded Owen-3 on 7/9/12 and expect to complete drilling by the end of August 2012.
Drilling time averaged about 2 months per well. PFC should be able to fully complete 3 wells a year with one drilling rig (for 7 months) and one completion rig (for 2 months). Unfortunately, it looks like the first 2 years of drilling will result in 3 completed wells. I hope they are warmed up now and ready to perform.
PFC's comments, especially for MacIntyre-2 and Owen-3, are very positive. If the testing goes well, an excelerated exploration program, with more than 1 rig, may be in the cards.
I think management has done a good job of getting to what will be 3 completed wells with only 70mm fully diluted shares O/S and $15mm to pay towards the JV with Statoil.
Time will tell if this was the best time to buy in.
JB
Hi JB, even though I like the idea of 13m acres and unconventional oil, I have already lost $100,000 with this management team, both with PFC and ROZ. The problem they have is execution, partly because they lose access to their property 6 months of the year(due weather). I am very happy Statoil is there now, and I will buy back in when they take over operational control, sort of like Tullow has with AOI. There is no doubt you are in at a much better price than I was, and if they complete those wells before November you could see some big upside.
Good Luck
Rounders
PFC.V/PFRRF - Share price looks to have bottomed!
The share price decline to .72, down from 4.40 last year, seems way overdone. PetroFrontier resembles Africa Oil, in that both companies are elephant hunting!
Formed in 2009, PetroFrontier has amassed 13.6 million acres in the Southern Georgina Basin (net 85.5% operated working interest). PetroFrontier launched its drilling campaign in 2011 in pursuit of both unconventional and conventional targets with locations based on world-class seismic and geophysical techniques and referencing minor exploration work conducted decades ago. A known petroleum system exits. An independent report, the Ryder Scott Resource Report (November 2010), estimated recoverable oil resources of 27.5 billion barrels (P50, gross average) on PetroFrontier's lands.
http://www.petrofrontier.com/index.php?page=company_profile
PetroFrontier plans to frac and test 3 promising horizontal wells before the rainy season hits (around 11/1). These are their first wells.
PetroFrontier Corp. provides "Owen-3" drilling update in Southern Georgina Basin, Australia
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 Territory, Australia.
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.
PetroFrontier was dogged by delays, mostly weather, in early and late 2011 and again in early 2012. Also, a bought deal went bad:
http://www.petrofrontier.com/en/news/press_release_-_july_11-2012_-_final.pdf
Update - Statoil Farm-in:
http://www.petrofrontier.com/en/news/pfc_june_25_2012_macintyre_td_final.pdf
PetroFrontier positives:
Obviously, Statoil likes what they've seen.
Enough cash to last thru the end of the year.
Only 10mm needs to be raised to carry them thru 2016.
All 3 wells have shown encouraging oil and gas indications.
Safety and attractive operating enviroment provided by Australia.
Only 70mm fully diluted shares O/S.
IMO, share price could explode from this low entry point with successful flow testing!
GL,
JB
From IV,
Discussion with IR
Schlumberger will be doing the fracking, with Statoil and Brigham experts consulting at each site. With their agreement these are Statoil/Petrofrontier wells. Not Petrofrontier's wells.
Schlumberger does not come cheap. But so goes it with the remoteness of the play and using a top notch company.
Wet season will start around November. Goal is to have all three wells fracked, hydrocarbons assessed, IP rates, then the wells will be shut in as this is considered to be the healthiest for each well. Wet season could last into March.
Ms Flowers was very encouraged by the characteristics of each well and is surprised that the market didn't react very positively. We know there are hydrocarbons there.
Best,
Sam
I lucked out too!
I sold PFRRF last Feb in order to add to my Africa Oil position. I had no idea PFC would come down to these levels.
Obviously, Statoil likes what they've seen in these shales.
I'm very optimistic!
JB
I agree with all of your points.Statoil as partner!WoW!
Been accumulating down here,and am lucky I didn't know about this speculation last summer otherwise I would have been buying back then along with Heritage Oil @ $3+ lol-
A 5 bagger just getting back there!
If these leases are commercial this could be another Africa Oil performance wise.
imo
futr
This stock seems ridiculously undervalued to me, so, I bought the .741's this morning.
Only 70mm shares fully diluted
Great partner
Huge land position and reserve estimate
Cash to complete 3 wells that showed "very positive results" so far
etc.
It looks like PFC has fallen off practically everyone's radar.
Repost from SH:
richlund0
8/14/2012 9:27:53 AM | | 276 reads | Post #31378817
Here's what I got from Ms Showers. I'm still not clear if they'll manage to flow test before the rains:
– the frac crew is expected to arrive next week and will begin with the MacIntyre-2H location. I have attached our recent press release from the Owen-3 Vertical location which is very promising at this stage; we are in the process of completing the horizontal leg which we expect to be finishing by the end of the month.
We had decided that we less is best re the technical information we provided. The Baldwin release discussed some very positive results but was perceived as a gas play where in fact we really are not sure if it is “oily gas” or “gassy oil”; better results with MacIntyre though but the frac’ing with be the telling tale so would expect plenty of news flow in the next 3 months as we expect to frac all three wells prior to the onset of the Northern Territory’s wet season.
GL to us!
JB
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.
PetroFrontier Corp. provides "Owen-3" drilling update in Southern Georgina Basin, Australia
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 Territory, Australia.
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".
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, 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.
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
Toll Free: (877) 822-7280
Fax: (403) 718-3888
Email: info@petrofrontier.com
Website: www.petrofrontier.com
Source: Canada Newswire (August 9, 2012 - 9:03 AM EDT)
News by QuoteMedia
PETROFRONTIER CORP. ANNOUNCES
CLOSING OF FARM-IN AGREEMENT WITH STATOIL
Calgary, Alberta – July 16, 2012 (TSX-V: PFC) - PetroFrontier Corp. (“PetroFrontier”) is very pleased to announce that the Foreign Investment Review Board of Australia (“FIRB”) has no objection to the joint venture between Statoil Australia Oil and Gas AS (“Statoil”) and PetroFrontier. This approval satisfies the last condition precedent of the Farm-In Agreement announced on June 20, 2012.
“We are thrilled that this final condition precedent has been met” said Paul Bennett, President & CEO of PetroFrontier. “The exploration of our large acreage position in this unconventional resource play will require extensive capital and technical capabilities, both of which Statoil brings to our joint venture. Their involvement will enable our company to develop this massive potential hydrocarbon resource.”
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”.
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, including, without limitation, statements pertaining to the Corporation’s future operations and alternative sources of financing. 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.
For further information, please contact:
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
Toll Free: (877) 822-7280
Fax: (403) 718-3888
Email: info@petrofrontier.com
Website: www.petrofrontier.com
futr
Santos already claims to need more Natural Gas to justify its Investment in LPG Infrastructure-
http://www.rigzone.com/news/article.asp?a_id=119246
futr
I want to buy more but now they have me doubting what I thought was a sure thing... I hate when that happens. LOL
Tough Market!
http://www.petrofrontier.com/en/news/press_release_-_july_11-2012_-_final.pdf?PHPSESSID=7pglm9jo95in798nu2tp9jjoc5
PETROFRONTIER CORP. ANNOUNCES
TERMINATION OF BOUGHT DEAL FINANCING BY MACQUARIE
Calgary, Alberta – July 11, 2012 (TSX-V: PFC) - PetroFrontier Corp. (“PetroFrontier”) announces that it has received a notice of termination from Macquarie Capital Markets Canada Inc. ("Macquarie") terminating its obligations pursuant to the Underwriting Agreement made effective June 20, 2012 (the "Underwriting Agreement"), whereby Macquarie had agreed to purchase on a bought deal basis 15,000,000 subscription receipts at a price of $1.00 per subscription receipt. The notice of termination received from Macquarie did not provide the reason for Macquarie terminating its obligations under the Underwriting Agreement. Management of PetroFrontier is of the view that Macquarie did not have a valid legal reason to terminate the Underwriting Agreement and PetroFrontier is currently reviewing it options in this regard.
Financial Update
Pursuant to the recently announced joint venture between Statoil Australia Oil and Gas AS ("Statoil") and PetroFrontier, each of the parties has already contributed US$15 million to fund the 2012 capital program. Management believes PetroFrontier has sufficient capital on hand to fund operations throughout 2012. However, additional capital will be required in order to fund 2013 operations including PetroFrontier's remaining commitment of US$10 million under the Phase I joint exploration program with Statoil. Management is currently considering alternative sources of financing to replace some or all of the funds that would have been raised pursuant to the Underwriting Agreement.
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”.
futr
Monday, July 09, 2012 7:46:45 PM
[I love this NEWS!]
PetroFrontier Corp. commences drilling of third horizontal well (Owen-3) in Southern Georgina Basin, Australia
CALGARY, July 9, 2012 /PRNewswire/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is pleased to announce the spudding of its third horizontal well, "Owen-3", in the Southern Georgina Basin, Northern Territory, Australia. Owen-3 is located in the eastern part of Exploration Permit ("EP") 104 where PetroFrontier currently holds a 100% operated working interest and is included in the recently announced joint venture area with Statoil Australia Oil and Gas AS ("Statoil"). Statoil is crediting PetroFrontier with exploration expenditures already incurred in 2012 and will contribute 50% of the costs associated with this project.
Owen-3 will test the unconventional potential of the primary target zone, the Lower Arthur Creek "Hot Shale", in the Toko Synclinal area. Owen-3 will be drilled as a high angle pilot hole to an estimated depth of 1,280 metres, through the Lower Arthur Creek "Hot Shale" Formation and into the Thorntonian carbonate Formation. PetroFrontier will core the Lower Arthur Creek "Hot Shale" Formation and then log the well. The core will provide valuable technical information to enhance PetroFrontier's understanding of the lithology of this formation, which will aid in optimizing the frac design and reservoir modeling. Owen-3 will be plugged back a short distance and then deviated horizontally for approximately 1,000 metres into the primary target zone. Drilling of Owen-3 is expected to take four to five weeks.
Fracture Stimulation Update
Following the drilling of Owen-3H, PetroFrontier intends to conduct a ten-stage fracture stimulation program at each of its three wells in the following order: MacIntyre-2H, Baldwin-2Hst1 and Owen-3H. In order to maximize operational efficiencies, the wells will then be flow tested in the reverse order. The Lower Arthur Creek "Hot Shale" Formation is an unconventional play requiring the use of advanced horizontal drilling and completion techniques in order to properly test for economic flow rates. PetroFrontier will provide market updates on the frac operations as results materialize and definitive results will be confirmed once PetroFrontier can flow test all of these wells, which is expected to occur over the next few months and prior to the onset of the local Australian wet season.
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".
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, including, without limitation, statements pertaining to 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
futr
More nice news today!
Statoil Enters Australian Shale Gas Joint Venture With Petrofrontier
PrintAlert
Statoil Asa (NYSE:STO)
By Katarina Gustafsson
Norwegian oil and gas major Statoil ASA (STO) Wednesday said it has entered into Australian shale gas exploration projects through a joint venture deal with Toronto-listed company Petrofrontier Corp. (PFRRF).
Statoil said it had moved into four of Petrofrontier's existing exploration permits as well as two pending exploration permits in the South Georgina Basin in Australia's Northern Territories in a joint venture project.
"This is an early entry at scale into over 13 million acres of immature, but potentially highly prospective play at low cost, with high risk but also with significant upsides," Statoil said in a statement.
The partners have agreed to drill between ten and 20 wells by 2017 in three phases of which Petrofrontier will operate the first phase while Statoil has secured options to operate from the second phase.
The Norwegian company has committed to invest $25 million in the first phase of the exploration and said the figure could escalate to $100 million through a phase two and three depending on what results are obtained.
-Write to Katarina Gustafsson at katarina.gustafsson@dowjones.com
futr
I have been adding almost daily.
High Risk...High Reward-Latest Corporate Presentation-
http://www.petrofrontier.com/en/presentations/pfc_-_investor_presentation_may_2012.pdf?PHPSESSID=3kvne4n5n8uclnt52a1ecqgi50
Bounce candidate down here-chart
futr
News!
PETROFRONTIER CORP. APPOINTS CHIEF OPERATING OFFICER
Calgary, Alberta – February 1, 2012 (TSX-V: PFC) - PetroFrontier Corp.
("PetroFrontier") is pleased to announce that effective February 1, 2012 it has appointed
Earl Scott, P. Eng., as Chief Operating Officer of PetroFrontier and President of its two
wholly-owned Australian subsidiaries, PetroFrontier (Australia) Pty. Ltd. and Texalta
(Australia) Pty. Ltd.
Mr. Scott brings extensive knowledge of drilling, completions, production operations,
project management and facilities through 25 years of experience in the oil and gas
industry. From 2010 until present, Mr. Scott was a consultant employed as Vice-
President, Operations for Red Rock Energy in Calgary, Alberta, and Kurdistan Project
Manager for Western Zagros, also of Calgary, Alberta. Prior to 2010, Mr. Scott held
various roles including Vice-President, Engineering and Operations with BG Canada
Exploration Inc., and as a technical consultant to Exxon Mobil Canada based in Calgary,
Alberta. Mr. Scott has held a range of increasingly progressive technical leadership roles
in Malaysia, France, Venezuela, Ecuador and Canada with companies such as Exxon,
Schlumberger, AEC International and BG Group. Mr. Scott is a professional engineer and
has a Bachelor of Science degree in Mechanical Engineering from the University of
Calgary.
Based in Adelaide, South Australia, Mr. Scott will be responsible for all operations of the
two Australian subsidiaries. It is expected that he will relocate by the beginning of
March 2012.
In connection with his appointment, PetroFrontier has granted Mr. Scott options to
purchase 500,000 common shares at a price of $1.99 per share.
About PetroFrontier Corp.
PetroFrontier is an international oil and gas company engaged in the exploration,
acquisition and development of both conventional and unconventional petroleum assets
in the Southern Georgina Basin in the Northern Territory, Australia, where it has an
approximate 85.5% working interest in 13.6 million gross acres in four exploration
permits. PetroFrontier’s head office is in Calgary, Alberta and operations office is in
Adelaide, South Australia.
PetroFrontier’s common shares are listed on the TSX Venture Exchange under the
symbol “PFC”.
Good volume today.
I bought some and also hold African Oil and Tag Oil.
JB
SA article
PetroFrontier: Sitting On 27 Billion Barrels Of Prospective Oil Resource
http://seekingalpha.com/article/318863-petrofrontier-sitting-on-27-billion-barrels-of-prospective-oil-resource
JB
PetroFrontier Corp. Releases Second Quarter 2011 Financial And Operating Results[color=red][/color]
PFC.V 3.55 0.00
Press Release Source: PetroFrontier Corp. On Monday August 29, 2011, 10:25 pm EDT
CALGARY , Aug. 29, 2011 /CNW/ - (TSXV:PFC.V) - PetroFrontier Corp. ("PetroFrontier") today released its financial and operating results for the second quarter of 2011. A copy of PetroFrontier's unaudited condensed consolidated financial statements and related management's discussion and analysis ("MD&A") can be accessed either at www.sedar.com or on PetroFrontier's website.
Second Quarter 2011 Highlights
On May 31, 2011 , PetroFrontier closed the acquisition of Texalta Petroleum Ltd. ("Texalta") by way of a plan of arrangement pursuant to the provisions of the Business Corporations Act (Alberta). PetroFrontier issued a total of 15.4 million common treasury shares at a fair value of $3.05 per common share and paid $10.0 million in cash consideration on a pro rata basis for all of the issued and outstanding Class A common shares of Texalta. As a result:
PetroFrontier's working interest in EP 103 and EP 104 increased to 100%.
When combined with its 75% working interest in EP 127 and EP 128, PetroFrontier has an average working interest of 85.5% in 13.6 million acres of land.
PetroFrontier acquired approximately 115 bbls/d of high netback, light oil production at Wordsworth and Queensdale in southeast Saskatchewan, as well as exploration properties at Carlyle, Saskatchewan and Joarcam, Alberta.
With current working capital of $38.4 million and no debt as at June 30, 2011 , PetroFrontier has adequate funding to provide for general operations and the execution of the budgeted 2011 exploration program.
Capital expenditures incurred during the six months ended June 30, 2011 totaled $5.0 million and related primarily to drilling preparations in the Southern Georgina Basin.
Subsequent Events
In July 2011 , PetroFrontier announced that its Board of Directors had adopted a Shareholder Rights Plan (the "Rights Plan"). This Rights Plan was adopted to ensure the fair treatment of shareholders in connection with any take-over offer for PetroFrontier, and to provide the Board of Directors and shareholders with additional time to fully consider any unsolicited take-over bid. The Rights Plan will also provide an opportunity, if appropriate, to pursue alternatives in order to maximize shareholder value. The Rights Plan is subject to approval by the TSX Venture Exchange, as well as by PetroFrontiers' shareholders at its upcoming annual general and special shareholders' meeting scheduled for early November 2011 . If ratified by the shareholders, the Rights Plan will have a term of three years.
On August 3, 2011 , PetroFrontier commenced drilling its first exploratory well, Baldwin-2, located in in the southern part of EP 103 in the Southern Georgina Basin. PetroFrontier is now proceeding forward with the horizontal section of the Baldwin-2 well bore and the primary target is the unconventional Basal Arthur Creek "hot" shale. PetroFrontier has a 100% working interest in EP 103 and is the operator.
Additional Information
PetroFrontier's Annual and Special General Meeting of Shareholders will be held on Tuesday November 8, 2011 at PetroFrontier's Conference Centre, Main Floor, 715 5 Ave. SW, Calgary , Alberta, Canada beginning at 3:30 p.m. (MT )
About PetroFrontier Corp.
PetroFrontier is an international oil and gas company engaged in the exploration, acquisition and development of both conventional and unconventional petroleum assets in Australia's Southern Georgina Basin. 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 operations office is in Adelaide , South Australia .
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, including, without limitation, statements pertaining to PetroFrontier's drilling plans, capital expenditures 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.
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Heritage Oil Buys Another 151,900 PetroFrontier Shares
1 hours 13 minutes ago - DJNF
LONDON -(Dow Jones)- Heritage Oil PLC (HOIL.LN), the oil and gas firm, Thursday announced that it acquired 151,900 common shares of PetroFrontier Corp. representing 0.24% of the outstanding Shares.
MAIN FACTS:
-Together with Shares already held by Heritage, the Company now holds 7,756,600 Shares, representing approximately 12.22% of the outstanding Shares of PetroFrontier.
-The Shares were acquired through the facilities of the TSX Venture Exchange for an aggregate price equal to C$593,489.
-Heritage may increase or decrease its ownership of securities of PetroFrontier depending upon future market conditions.
-Shares at 1231 GMT down 4.88% at GBP2.24 valuing the company at GBP590.96 million.
-By Jana Weigand, Dow Jones Newswires; 44-20-7842-9314; jana.weigand@dowjones.com
(END) Dow Jones Newswires
08-04-11 0850ET
Copyright (c) 2011 Dow Jones & Company, Inc.
PetroFrontier Corp. commences drilling operations in the Georgina Basin, Australia
CALGARY, Aug. 3, 2011 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is pleased to announce that it has spudded its first well, "Baldwin-2", in the Southern Georgina Basin in the Northern Territory, Australia.
PetroFrontier began drilling Baldwin-2 on the morning of Wednesday August 3, 2011, Australian Central Standard Time.
Baldwin-2 is located in the southwestern part of EP 103 in the Southern Georgina Basin. PetroFrontier has a 100% working interest in EP 103 and is the operator. The primary target in Baldwin-2 is the unconventional Basal Arthur Creek "hot" shale, with conventional secondary targets being the Hagen Member and Dolomitic Shoal above the Basal Arthur Creek "hot" shale and the Thorntonia located just below. Management believes that the Arthur Creek "hot" shale is potentially analogous to the Bakken play found in Saskatchewan, Canada and North Dakota, USA. PetroFrontier has re-evaluated existing wellbores on its lands and believes the unconventional Basal Arthur Creek "hot" shale is prospective for hydrocarbons over most of its land holdings. PetroFrontier's capital program for 2011 continues to focus on exploratory drilling opportunities around these existing wellbores.
Baldwin-2 will be air drilled vertically to an estimated depth of 900 meters to test the Thorntonia formation for prospective hydrocarbon shows. The well will then be extensively logged, plugged back and deviated horizontally for approximately 1,000 meters into the Basal Arthur Creek shale. This is expected to take approximately three weeks, at which time PetroFrontier will suspend the well temporarily and move to drill the MacIntyre-2 well, located in the northeastern corner of EP 127. Once it is drilled, MacIntyre-2 will be frac'd and completed using multi-stage open hole techniques. The rig and frac crew will subsequently return to Baldwin-2 to conduct a similar completion program on that well.
According to a report (the "Ryder Scott Resource Report") prepared by Ryder Scott Company Canada (independent oil and natural gas reservoir engineers), dated November 1, 2010, the unrisked, undiscovered, prospective (recoverable) resource, based on a best (P50) scenario, for the unconventional Basal Arthur Creek shale zone in EP 103 and EP 127 may contain approximately 13.2 billion barrels and 2.7 billion barrels (gross) of oil respectively.
The Ryder Scott Resource Report on the resource potential of the Southern Georgina Basin describes the prospective (recoverable) portion of "Undiscovered Resources", as defined by the Canadian Oil and Gas Evaluation Handbook and does not represent an estimate of reserves. The Ryder Scott Resource Report is compliant with National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.
Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are presented as unrisked prospective oil resources. The term unrisked means that no geological risk (play risk) has been incorporated in the hydrocarbon volume estimates.
Additional information on the prospective resources can be found at www.sedar.com, in the Information Circular dated December 1, 2010 filed under the profile of Pendulum Capital Corporation.
PetroFrontier has engaged Majors Drilling Pty Ltd., an independent drilling contractor, to provide drilling and support services for the wells to be drilled in EP 103, EP 104 and EP 127.
Unless a material event occurs in the interim, PetroFrontier expects to issue its next drilling update report once Baldwin-2 has completed its horizontal leg and the rig is being mobilized to the MacIntyre-2 well site.
About PetroFrontier Corp.
PetroFrontier is an international oil and gas company engaged in the exploration, acquisition and development of both conventional and unconventional petroleum assets in Australia's Southern Georgina Basin. 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 operations office is in Adelaide, South Australia.
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, including, without limitation, statements pertaining to 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.
Image with caption: "PETROFRONTIER CORP. GEORGINA BASIN CROSS SECTION FOCUS MAP (CNW Group/PetroFrontier Corp.)". Image available at: http://photos.newswire.ca/images/download/20110803_C9004_PHOTO_EN_1858.jpg
Source: Canada Newswire (August 3, 2011 - 9:22 AM EDT)
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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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