PetroFrontier Corp (PFC)

[eom7]

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.

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