CALGARY,
Aug. 3, 2011 /PRNewswire/ -
(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.
SOURCE PetroFrontier Corp.