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Last updated on April 23, 2014 at 11:05 EDT

PetroFrontier Corp. announces award of additional permits and update on operations and joint venture process

March 5, 2012

CALGARY, March 5, 2012 /PRNewswire/ – (TSX-V: PFC) – PetroFrontier Corp. (“PetroFrontier”) is pleased to announce that it
has been awarded two exploration permit applications (“EPAs”) in the
western part of the Southern Georgina Basin, Northern Territory,
Australia totaling 3,800 km(2) (939,000 acres). EPA 213 (1,527 km(2)) and EPA 252 (2,273 km(2)) have been conditionally awarded to PetroFrontier and are dependent on
the negotiation of surface access agreements with the Aboriginal
stakeholders in the area. These two EPAs are 100% owned by
PetroFrontier.  These additional EPAs bring the total gross acreage
controlled by PetroFrontier to approximately 14.5 million acres.

Operational Update

On January 24, 2012, PetroFrontier announced that it had contracted Rig
918 from Ensign Australia Pty. Limited, a subsidiary of Ensign
International Energy Services.  Rig 918 will be used to finish the
MacIntyre 2H horizontal well and then drill a high angle pilot well at
Owen 3.  The party currently using Rig 918 has advised PetroFrontier that Rig 918 will not be released from its current
drilling location in the Cooper Basin until mid-April 2012. Once Rig
918 is released, PetroFrontier anticipates that an additional week will
be required to mobilize it from the Cooper Basin to the Southern
Georgina Basin. However, if current rain persists in the Cooper Basin
or in the Southern Georgina Basin, the arrival of Rig 918 could be
further delayed.

PetroFrontier believes it has sufficient capital at this time to drill
both MacIntrye 2H and Owen 3, and to complete hydraulic fracture
stimulations at both MacIntrye 2H, as well as the suspended Baldwin 2H
well.

Joint Venture Process

On January 16, 2012, PetroFrontier announced that it had retained
Macquarie Capital Markets Canada Ltd. as its exclusive adviser to
assist it in seeking a suitable joint venture partner to participate
with it in the exploration and development of its extensive
unconventional and conventional exploration acreage in Australia’s
Southern Georgina basin. An electronic data room has been opened and
has been populated with all the relevant technical and commercial
material. Interest from industry has been considerable and the deadline
of March 29, 2012 for submitting proposals will likely be extended.

About PetroFrontier Corp.

PetroFrontier is an international oil and gas company engaged in the
exploration, acquisition and development of both conventional and
unconventional petroleum assets in Australia’s Southern Georgina Basin.
PetroFrontier’s common shares are listed on the TSX Venture Exchange
under the symbol “PFC”. Founded in 2009, PetroFrontier is one of the
first companies to undertake exploration in the Southern Georgina Basin
in Australia’s Northern Territory.  PetroFrontier’s head office is
based in Calgary, Alberta and operations office is in Adelaide, South
Australia.

Forward-Looking Statements

This press release may contain forward-looking information that involves
substantial known and unknown risks and uncertainties, most of which
are beyond the control of PetroFrontier, including, without limitation,
statements pertaining to management’s future plans and operations.  All
statements included herein, other than statements of historical fact,
are forward-looking information and such information involves various
risks and uncertainties.  There can be no assurance that such
information will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
information.  A description of assumptions used to develop such
forward-looking information and a description of risk factors that may
cause actual results to differ materially from forward-looking
information can be found in PetroFrontier’s disclosure documents on the
SEDAR website at
www.sedar.com.  Any forward-looking statements are made as of the date of this
release and, other than as required by applicable securities laws,
PetroFrontier does not assume any obligation to update or revise them
to reflect new events or circumstances.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

SOURCE PetroFrontier Corp.

Image with caption: “PetroFrontier Acreage (CNW Group/PetroFrontier Corp.)”. Image available at: http://photos.newswire.ca/images/download/20120305_C9820_PHOTO_EN_10744.jpg


Source: PR Newswire