Statoil Spuds OzGamma-1 Well in Permit EP 103 in NT's South Georgina Basin

PetroFrontier Corp. (PetroFrontier) revealed Friday that the third well in its 2014 Work Plan and Budget (the 2014 WP&B) has now spud and drilling is underway. The OzGamma-1 well is a vertical exploration well located in Exploration Permit 103 in the South Georgina Basin in Australia's Northern Territory. This is the third of up to five vertical test wells to be drilled as part of the 2014 WP&B. All wells will include an extensive open hole evaluation program and up to three of the wells will be cased for future hydraulic fracture stimulation and production testing.

Prior to the spud of the OzGamma-1 well, Statoil Australia Theta B.V., PetroFrontier’s joint venture partner and the operator of the 2014 WP&B, successfully drilled and cased the second well of the 2014 WP&B, OzBeta-1. All of the planned open hole well evaluation activities have been completed and are now being analyzed. A total of 325.1 feet (99.1 meters) of core were recovered in a continuous coring process, which penetrated the Lower Arthur Creek and Thorntonia formations.

Subsequent to drilling the OzGamma-1 well, the rig will be moved to the fourth well location of the five well program, OzDelta-1, located in Exploration Permit 128. Readers are encouraged to review the current investor presentation online to see both the well locations and seismic cross sections.


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