PetroFrontier Finalizes Stake in AU Permits
by PetroFrontier Corp.
|Monday, June 18, 2012
PetroFrontier Corp. announced that its wholly-owned subsidiary, PetroFrontier (Australia) Pty Ltd. has completed the earning of a 50 percent working interest in EP 127 and EP 128 (Northern Territory, Australia) pursuant to its previously announced farm-in agreement with Baraka Energy & Resources Limited (formerly Baraka Petroleum Limited). This earning will increase PetroFrontier's working interest in EP 127 and EP 128 to 75% from 25% in 7.9 million gross undeveloped exploratory acres (5.9 million net).
PetroFrontier is currently drilling the farm-in well (MacIntyre-2H) on EP 127, which has now exceeded a horizontal length of 1,644 feet (501 meters), the minimum farm-in commitment. PetroFrontier intends to continue drilling to a total horizontal length of approximately 3,281 feet (1,000 meters).
Unless a material event occurs in the interim, PetroFrontier expects to issue its next drilling update report once MacIntyre-2H has finished drilling and the completion assembly has been set. The rig will then mobilize to the Owen-3 well site.
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