Petroflow Graduates to Toronto Stock Exchange, Continues Hunton Development
Further to the official announcement on January 16, 2009, Petroflow Energy Ltd. has graduated from the TSXV to the TSX. The Company's common shares, previously traded on the TSXV, will be traded on the TSX starting today, January 20, 2009.
- Stock Symbol: PEF
- CUSIP: 715918405
- Currency: $ CDN
The Company is subject to the reporting requirements of Section 501 of the TSX Company Manual.
Mr. John Melton, CEO of Petroflow commented, "We laid out a plan to grow the Company and we are very pleased to be reaching our goals; one of which was to graduate to the senior stock exchange in Canada. The management of Petroflow is charged with making effective changes to adjust to the new economy. The leadership and expertise within the Company allows us to be very confident about our next growth phase."
Petroflow has operations in Oklahoma, Texas and Alberta. Petroflow has developed specific expertise in the Hunton Resource Play in Oklahoma that has proven to be successful. Horizontal drilling in the Hunton formation allows large scale water withdrawal in a very brief period of time. This high rate withdrawal changes the fluid dynamics within the reservoir allowing otherwise trapped hydrocarbons to be economically produced.
Mr. Sandy Andrew, COO commented, "Since we entered into the farm-out to develop this play in April of 2006, we have spud 64 Hunton producers with 57 currently tied in and the other 7 in various stages of completion and hook up. Production continues to ramp up, with most of these wells continuing some level of dewatering."
Petroflow recently formalized a Joint Venture Agreement (JVA) to add 3 new project areas within the Hunton Play. The JVA is unburdened by any carried interests and will contribute towards improved economics in the Hunton Play.