CALGARY,
Oct. 28, 2013 /PRNewswire/ -
(TSXV: PFC) - PetroFrontier Corp. ("PetroFrontier" or the
"Corporation") announces that Mr. Paul
Bennett, its President and Chief Executive Officer, who has
served the Corporation since its inception in early 2009, has
decided to retire from those positions effective October 31, 2013. Mr. Bennett will also be
leaving the Board of Directors of PetroFrontier, but has agreed to
consult to PetroFrontier until June 30,
2014.
"On behalf of my fellow directors, I would like
to recognize Paul for his valuable contribution to PetroFrontier
and his service to its employees and shareholders," said Robert
Iverach, Q.C., Chairman of the Board. "Paul's breadth of knowledge
and experience have been exceptional contributions both to
PetroFrontier and to the advancement of exploration in the Southern
Georgina Basin of the Northern Territory, Australia. The Board of Directors respects
Paul's decision to retire and sincerely thanks him for his loyal
service. We wish him all the best in his retirement."
PetroFrontier also announces that Mr.
Earl Scott, its Chief Operating
Officer, has been promoted to President and Chief Executive Officer
effective upon Mr. Bennett's retirement. Mr. Scott will also
join the Board of Directors. Mr. Scott, a professional
engineer, has been with PetroFrontier since February 2012 and until its recent closing,
headed the Corporation's operating office in Adelaide, Australia.
"We are pleased to welcome Earl as our new
President and Chief Executive Officer," said Mr. Iverach. "Earl is
completely conversant with our Australian operations and with
PetroFrontier's joint venture partner, Statoil Australia Theta B.V.
He has broad experience in the oil and gas industry and most
recently has proven strong leadership in project delivery during
his time with PetroFrontier. He will serve the interests of
PetroFrontier and its shareholders very well."
PetroFrontier also announces in conjunction with
these management changes that it has granted an aggregate of
3,920,000 stock options to officers, directors and employees,
subject to regulatory and TSX Venture Exchange approval. These
options are all exercisable at a price of $0.18 per share, vest as to one third (1/3) on
the date of grant, one third (1/3) on each of the first and second
anniversaries of the date of grant and expire five years after the
date of grant. Following this grant, PetroFrontier Corp. will have
7,925,834 outstanding Options representing 9.9% of its issued and
outstanding common share capital.
Subject to regulatory approval, Mr. Scott has
agreed to purchase 200,000 common shares of the Corporation at a
price of $0.18 per share.
Pursuant to applicable securities legislation, these common shares
are subject to a four month hold period.
About PetroFrontier Corp.
PetroFrontier is an international oil and gas
exploration company engaged in the exploration, acquisition and
development of both conventional and unconventional petroleum
assets in Australia's Southern
Georgina Basin where, subsequent to its Amended Farmin Agreement
with Statoil Australia Theta B.V., it holds a net carried 20%
working interest in approximately 14.1 million gross acres.
PetroFrontier's head office is based in Calgary, Alberta and its common shares are
listed on the TSX Venture Exchange under the symbol "PFC".
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, regulatory
approval of the private placement. 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.