Tuesday, June 11, 2013

PetroFrontier Corp. - PFC.v

PetroFrontier Corp. - PFC.v is exploring for both conventional and unconventional onshore petroleum and natural gas in the Northern Territory, Australia.

PetroFrontier is one of the first companies to undertake extensive exploration in the Southern Georgina Basin.

On June 11, 2013 the company released News

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.