PetroFrontier Corp. commences drilling operations in the Georgina Basin, Australia
CALGARY, Aug. 3, 2011 /PRNewswire/ - (TSX-V: PFC) – PetroFrontier Corp. (“PetroFrontier”) is pleased to announce that it
has spudded its first well, “Baldwin-2″, in the Southern Georgina Basin
in the Northern Territory, Australia.
PetroFrontier began drilling Baldwin-2 on the morning of Wednesday
August 3, 2011, Australian Central Standard Time.
Baldwin-2 is located in the southwestern part of EP 103 in the Southern
Georgina Basin. PetroFrontier has a 100% working interest in EP 103 and
is the operator. The primary target in Baldwin-2 is the unconventional
Basal Arthur Creek “hot” shale, with conventional secondary targets
being the Hagen Member and Dolomitic Shoal above the Basal Arthur Creek
“hot” shale and the Thorntonia located just below. Management believes
that the Arthur Creek “hot” shale is potentially analogous to the
Bakken play found in Saskatchewan, Canada and North Dakota, USA.
PetroFrontier has re-evaluated existing wellbores on its lands and
believes the unconventional Basal Arthur Creek “hot” shale is
prospective for hydrocarbons over most of its land holdings.
PetroFrontier’s capital program for 2011 continues to focus on
exploratory drilling opportunities around these existing wellbores.
Baldwin-2 will be air drilled vertically to an estimated depth of 900
meters to test the Thorntonia formation for prospective hydrocarbon
shows. The well will then be extensively logged, plugged back and
deviated horizontally for approximately 1,000 meters into the Basal
Arthur Creek shale. This is expected to take approximately three weeks,
at which time PetroFrontier will suspend the well temporarily and move
to drill the MacIntyre-2 well, located in the northeastern corner of EP
127. Once it is drilled, MacIntyre-2 will be frac’d and completed using
multi-stage open hole techniques. The rig and frac crew will
subsequently return to Baldwin-2 to conduct a similar completion
program on that well.
According to a report (the “Ryder Scott Resource Report”) prepared by
Ryder Scott Company Canada (independent oil and natural gas reservoir
engineers), dated November 1, 2010, the unrisked, undiscovered,
prospective (recoverable) resource, based on a best (P50) scenario, for
the unconventional Basal Arthur Creek shale zone in EP 103 and EP 127
may contain approximately 13.2 billion barrels and 2.7 billion barrels
(gross) of oil respectively.
The Ryder Scott Resource Report on the resource potential of the
Southern Georgina Basin describes the prospective (recoverable) portion
of “Undiscovered Resources”, as defined by the Canadian Oil and Gas
Evaluation Handbook and does not represent an estimate of reserves. The
Ryder Scott Resource Report is compliant with National Instrument
51-101 “Standards of Disclosure for Oil and Gas Activities (“NI
51-101″). There is no certainty that any portion of the resources will
be discovered. If discovered, there is no certainty that it will be
commercially viable to produce any portion of the resources.
Prospective resources are those quantities of petroleum estimated, as of
a given date, to be potentially recoverable from undiscovered
accumulations by application of future development projects.
Prospective resources have both an associated chance of discovery and a
chance of development. Prospective resources are presented as unrisked
prospective oil resources. The term unrisked means that no geological
risk (play risk) has been incorporated in the hydrocarbon volume
Additional information on the prospective resources can be found at www.sedar.com, in the Information Circular dated December 1, 2010 filed under the
profile of Pendulum Capital Corporation.
PetroFrontier has engaged Majors Drilling Pty Ltd., an independent
drilling contractor, to provide drilling and support services for the
wells to be drilled in EP 103, EP 104 and EP 127.
Unless a material event occurs in the interim, PetroFrontier expects to
issue its next drilling update report once Baldwin-2 has completed its
horizontal leg and the rig is being mobilized to the MacIntyre-2 well
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
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.