CALGARY,
July 16, 2012 /PRNewswire/ -
(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.
SOURCE PetroFrontier Corp.