PetroFrontier Updates on Exploration Activities in Northern Territory

Canada-listed PetroFrontier Corp. (PetroFrontier) disclosed Tuesday that Statoil Australia Theta B.V. (Statoil), PetroFrontier’s joint venture partner and the operator of the 2014 work program and budget (2014 WP&B) has initially selected two of the wells from the 2014 WP&B for completion and testing. The OzAlpha-1 and OzBeta-1 wells in Australia's Northern Territory exploration permit (EP) 104 and EP 127, respectively are believed to provide the best opportunities to test the concept of extracting oil from the Lower Arthur Creek and Thorntonia formations. Statoil has developed comprehensive completion and testing programs and has commenced operations on the OzBeta-1 well.

OzAlpha-1

The OzAlpha-1 well was drilled to a total vertical depth (TVD) of 4,101 feet (1,250 meters) and encountered a combined total of approximately 288 feet (88 meters) of Lower Arthur Creek Hot Shale and Thorntonia formations, which is very near prognosis. Multiple oil shows were recorded while drilling and a continuous coring operation recovered approximately 643 feet (196 meters) of core. PetroFrontier’s independent third party petrophysical analysis has identified a total net oil pay of 65 feet (20 meters) within the Arthur Creek and Thorntonia formations utilizing a porosity cut off of 2 percent and a water saturation cut-off of 58 percent. Statoil has developed a completion and testing program for this well which includes perforating a 9.8 foot (3 meter) interval, performing a hydraulic fracture stimulation and testing the well with a jet pump. The main objective of the completion is to test the concept of oil production from these formations which has yet to be proven. Subject to contractor availability, weather and regulatory approvals, testing operations are anticipated to be completed early in the fourth quarter of 2014.

OzBeta-1

The OzBeta-1 well was drilled to a TVD of 4,731 feet (1,442 meters) and encountered a combined total of approximately 406 feet (124 meters) of Lower Arthur Creek Hot Shale and Thorntonia formations, which is also very near prognosis. Multiple oil shows were recorded while drilling and a continuous coring operation recovered approximately 324 feet (99 meters) of core. PetroFrontier’s independent third party petrophysical analysis has identified a total net oil pay of 95 feet (29 meters) within the Arthur Creek and Thorntonia formations utilizing a porosity cut off of 2 percent and a water saturation cut-off of 58 percent. Statoil has developed a completion and testing program for this well and operations have commenced. The program includes perforating a 9.8 foot (3 meter) interval, performing hydraulic fracture stimulation and testing the well with a jet pump. As with the OzAlpha-1 well, the main objective of the completion is to test the concept of oil production from these formations which has yet to be proven. Subject to contractor availability, weather and regulatory approvals, testing operations are anticipated to be completed early in the fourth quarter of 2014.

OzEpsilon-1

Statoil has successfully drilled and evaluated the fifth and final well of the 2014 WP&B, OzEpsilon-1. This well is located in Exploration Permit 128 and provides stratigraphic information, which reinforces regional seismic and geological interpretations. The well was drilled to a TVD of 2,181 feet (665 meters) and encountered a combined total of approximately 265 feet (81 meters) of Lower Arthur Creek Hot Shale and Thorntonia formations. A total of 219 feet (67 meters) of core were recovered in a continuous coring process, which penetrated the Lower Arthur Creek and Thorntonia formations. All of the planned open hole well evaluation activities have been completed. The well has been abandoned as anticipated due to its shallow depth and additionally, a lack of hydrocarbon indicators while drilling.

OzGamma-1 and OzDelta-1

Evaluation of these wells is currently in progress. These wells will be abandoned as part of the 2014 WPB. However, the decision to test prior to abandonment will be influenced by the test results of OzAlpha-1 and OzBeta-1.

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