CALGARY,
Aug. 26, 2014 /PRNewswire/ -
(TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier")
announces that Statoil Australia Theta B.V. ("Statoil"),
PetroFrontier's joint venture partner and the operator of the 2014
work program and budget has completed testing operations at the
OzBeta-1 well. The OzBeta-1 well was perforated over a 3 meter
interval within the Arthur Creek Hot Shale from 1,347 to 1,350
meters depth. A small water based hydraulic stimulation was
successfully completed and a total of 137 m3 of
water and 14.1 tonnes of sand were pumped into the well. Testing
operations, utilizing a coiled tubing conveyed jet pump were then
carried out. A total of 157 m3 of water was produced
with no measurable volume of hydrocarbons. No oil or gas was
produced and Statoil has informed PetroFrontier that the OzBeta-1
well will now be abandoned.
These results are disappointing and technically
challenging considering the positive hydrocarbon indicators
measured while drilling and subsequently derived from log data.
Statoil will now proceed with completion and
testing operations at the OzDelta-1 well, as it is now considered
to be the technically preferred location over the OzAlpha-1
location as previously announced.
OzDelta-1
The OzDelta-1 well was drilled to a total
vertical depth of 840 metres and encountered a combined total of
approximately 98 metres of Lower Arthur Creek Hot Shale and
Thorntonia formations. Multiple oil shows were recorded while
drilling and a continuous coring operation recovered approximately
32 metres of core. PetroFrontier's independent third party
petrophysical analysis has identified a total net pay of
approximately 19 metres within the Arthur Creek and Thorntonia
formations utilizing a porosity cut off of 2% and a water
saturation cut-off of 58%. Statoil has developed a completion and
testing program for this well which includes perforating a three
metre interval, performing a hydraulic stimulation and testing the
well with a jet pump. The main objective of the completion is to
test the concept of oil production from these formations which has
yet to be proven. Subject to contractor availability, weather and
regulatory approvals, testing operations are anticipated to be
completed early in the fourth quarter of 2014.
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 13.1 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. 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.