Oil and gas junior up 49% on amended farm-in agreement

Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, June 11, 2013VANCOUVER (SHfn) –

PetroFrontier Corp. (TSX: V.PFC, Stock Forum) climbed 48.5% to 24.5 cents after the international oil and gas exploration company agreed to amend the existing farm-in agreement with Statoil Australia Oil & Gas AS, a subsidiary of Statoil ASA (NYSE: STO, Stock Forum), whereby Statoil has committed to spend the next US$50 million throughout the remainder of 2013 and 2014 to fully fund up to a 385 kilometres 2D seismic program and the drilling and stimulation of four to six vertical test wells. Throughout 2012 and the first half of 2013, PetroFrontier and Statoil jointly spent approximately US$30 million on exploration in the Southern Georgina Basin, located in Northern Territory, Australia, thereby gaining valuable geological information. Under the amended farm-in agreement, Statoil could spend a total of up to US$175 million by the end of 2016 before PetroFrontier will be required to contribute further. Statoil will also become the operator effective Sept. 1, 2013.

Madalena Ventures Inc. (TSX: V.MVN, Stock Forum) fell 1.5% to 32 cents on Tuesday after the upstream oil and gas company said that the Province of Neuquén in Argentina had extended the exploration period for the Curamhuele block, in the Neuquén Basin of Argentina, by one year or until Nov. 8, 2014. The extension provides Madalena the financial freedom to complete the remaining work commitments on the block and time to identify a potential strategic partner to accelerate exploration and development activities. The remaining work commitments at Curamhuele are approximately US$13.8 million plus value added tax.