CALGARY,
Nov. 21, 2011 /PRNewswire/ -
(TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is
pleased to announce that the "MacIntyre-2" inclined pilot hole has
been drilled to a measured depth ("MD") of 930 metres.
MacIntyre-2 was drilled as a high angle pilot hole through the
Basal Arthur Creek "Hot Shale" formation and into the Thorntonian
carbonate formation. Elevated hydrocarbon shows were recorded
throughout the entire Basal Arthur Creek "Hot Shale" formation with
sustained and peak levels generally two to three times greater than
those seen in the vertical pilot hole at Baldwin-2Hst1.
The logging results for MacIntyre-2 are very positive showing
approximately 22 metres of true vertical depth ("TVD") pay with
porosities varying between 5 - 11%. Studies completed by two
independent petrophysical companies indicate that the Basal Arthur
Creek "Hot Shale" zone in MacIntyre-2 may be oil bearing, although
natural gas is present as well.
A drill stem test ("DST") was conducted in the high angle pilot
hole over a 35 metre interval. Although a significant flow was not
expected and did not occur as the formation is an unconventional
oil shale, positive results were received as both the shut in
pressures and the flow pressures increased throughout the test.
Due to increasing rains and a continued heavy rain forecast in
the Northern Territory, the drilling rig is being demobilized and
the horizontal portion of MacIntyre-2 will be completed in early
2012 after the rainy season.
PetroFrontier continues to maintain its strategy of completing
and frac'ing MacIntyre-2, followed immediately by the frac'ing of
Baldwin-2, in order to minimize
capital expenditures. This will now occur in early 2012.
PetroFrontier is in the process of completing the Ross Infill 2D
seismic survey over the northern portion of EP 103 and expects it
to be completed on time and within budget. The crew is currently
recording the final line of the survey adjacent to the Sandover
Highway as it leaves the area. The 378 km survey was required to
delineate drilling targets in the area. Additional seismic
acquisition is also planned in EP 104 and EP 128 after the wet
season in 2012.
Paul Bennett, Chief Executive
Officer and President, commented:
"We had strong hydrocarbon indications while drilling through
the Basal Arthur Creek "Hot Shale" in MacIntyre-2. There was
evidence of oil and effervescing gas (up to C5) in the samples.
Definitive results will be confirmed once we frac and flow
MacIntyre-2H and Baldwin-2Hst1. We
are extremely encouraged by our results to date and by the fact
that we now have two wells over 60 km apart that have shown very
encouraging hydrocarbon indications in the Basal Arthur Creek "Hot
Shale. These results are an extremely positive sign and have the
potential to add significant value for our shareholders. These two
wells take us closer to confirming our original belief that
PetroFrontier is about to unlock a significant unconventional
resource in the Basal Arthur Creek "Hot Shale". We look forward to
announcing further results once both wells have been frac'd in
early 2012."
MacIntyre-2 is located in the northeastern corner of EP 127 in
the Southern Georgina Basin, Northern Territory, Australia approximately 60 km northwest of
PetroFrontier's first location, Baldwin-2Hst1.
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 and whether the
MacIntyre-2 well will result in a commercial discovery. 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.