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PetroFrontier Corp V.PFC

Alternate Symbol(s):  PFRRF

PetroFrontier Corp. is a Canada-based junior energy company. The Company is engaged in exploring for and the production of petroleum and natural gas in western Canada. It is focused on developing two Mannville heavy oil plays in the Cold Lake and Wabasca areas of Alberta. The Company has interests in approximately 16 gross (15 net) sections arising from several joint operations with the wholly owned energy companies of the Cold Lake First Nations (CLFN). The Company also has a joint venture agreement with the wholly owned energy company of the Bigstone Cree Nation (BCN), covering 1,024 gross (922 net) hectares in the Wabasca area of north-central Alberta, of which half has been earned as a leasehold interest. Those interests are located between CNRL’s prolific Brintnell enhanced oil recovery project producing approximately 50,000 bop/d of heavy oil and Cenovus’ proposed 10,000 bop/d thermal heavy oil project.


TSXV:PFC - Post by User

Bullboard Posts
Post by Schillon Nov 09, 2012 9:09am
183 Views
Post# 20580567

Update!

Update!
CALGARY,  Nov. 9, 2012  /PRNewswire/ -  (TSX-V: PFC)  - PetroFrontier Corp.("PetroFrontier") is very pleased to provide the following operational updates.Operational UpdateOwen-3HAt PetroFrontier's third horizontal well, Owen-3H (located in EP104, Northern Territory,  Australia), a high capacity jet pump has been installed, along with the necessary surface tankage and piping to conduct the cleanup and production testing on this well. Like the MacIntyre-2H well, Owen-3H encountered nuisance levels of hydrogen sulphide in the initial flow back of the stimulation fluid. PetroFrontier was able to accelerate the purchase and assembly of the hydrogen sulphide resistant testing equipment planned for MacIntyre-2H and has installed it at the Owen-3H well. This testing has now commenced and is anticipated to take up to 6 weeks depending on weather, equipment reliability and the nature of the recovered fluids.MacIntyre-2HAs previously reported, the MacIntyre-2H well encountered nuisance levels of hydrogen sulphide while in the initial phases of post stimulation cleanup and flow back and the well was subsequently suspended. Engineering and procurement work on a hydrogen sulphide scavenging system was completed ahead of schedule and the required equipment has been assembled for use at the Owen-3H well. Following completion of the cleanup and production testing of the Owen-3H well, this equipment will be moved to the MacIntyre-2H well to perform its cleanup and production test, the timing of which is now earlier than previously announced. PetroFrontier intends to conduct field operations continuously barring weather interruptions, equipment availability and government approvals.PetroFrontier Comments on the Recent Farmin by Total SA in Georgina Basin Lands Owned by Central Petroleum Ltd.On  November 6, 2012  Central Petroleum Ltd ("Central") (ASX: CTP) announced that the French supermajor Total SA ("Total") had agreed to a multi-staged farmin on four of Central's application permits in the Georgina basin onshore Northern Territory and  Queensland, Australia.  The farmin lands cover application area EP(A) 132 in the Northern Territory as well as application areas ATP(A)s 909, 911, and 912 in northwestern  Queensland  and is subject to approvals from  Queensland state and Northern Territory regulators and  Australia's  Foreign Investment Review Board.  These farmin lands are adjacent to PetroFrontier's lands in the Northern Territory.Central reported: "The exploration will start with an investment by the joint venture of  US$60 million  for stage one, and, at Total's election,  US$130 million  for stages two and three. Should Total continue and fulfill its funding obligations for stages 2 and 3 Total will earn in increments to a total of 68 percent in the permits. Total is required to fund 80 percent of exploration and appraisal costs over four years to which Total has committed the first  US$48 million  of expenditure for stage one after which Central will fund the next  US$12 million."PetroFrontier is very pleased to see another major global energy company commencing exploration in the Southern Georgina Basin. This farmin arrangement has confirmed again the play potential that PetroFrontier has identified and is currently developing in the Southern Georgina Basin.

 

 

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