PetroFrontier Corporation: Provides Update

13.02.2017  |  FSCwire

Calgary - PetroFrontier Corp. ("PetroFrontier" or “the Company”) (TSX-V: PFC) is pleased to announce that it has successfully completed the drilling of the first three wells that are part of the next phase of its development program in the Cold Lake area of Alberta. These three wells consist of two horizontal wells and one slant well.

In the first horizontal well (PFC HZ 109 BEAVRDM 13-15-61-02 W4), a 774 metre horizontal leg was drilled targeting the Sparky zone. The well has been completed, equipped and put on production.

In the second horizontal well (PFC HZ 106 BEAVRDM 14-15-61-02 W4), an 809 metre horizontal leg was drilled targeting the Rex zone. The well has been completed, equipped and put on production.

The slant well (PFC 5B COLDLK 5-31-63-02 W4) was drilled to 608 meters to the base of the Mannville, following which production casing was run. The well is expected to be completed, equipped and put on production shortly.

The cost of these three wells (with the 5-31 well yet to be completed and equipped) was approximately $1.7 mm.

During drilling operations, the target zones in each of these three wells displayed excellent reservoir quality based on open hole logs and significant oil shows. Furthermore, additional prospective oil zones were encountered in each of the three wells, which could be developed in the future.

Production rates for these three wells are expected to be released after rates stabilize following the initial phase of clean-up (estimated to be 30 - 60 days after being put on production).

These recently drilled wells are important in establishing additions to PetroFrontier’s proved and proved plus probable oil reserves in the Cold Lake area, previously estimated at 2,821 Mbbls and 6,015 Mbbls of oil respectively, as evaluated by DeGolyer and MacNaughton Canada Limited in the Company’s reserve report dated effective December 31, 2015 and filed on SEDAR.


About PetroFrontier Corp.

PetroFrontier is a junior energy company currently focused on the development of its interests in approximately 18 gross sections (16.5 net) of highly contiguous, multi-zone petroleum leases in the Cold Lake area of Alberta, Canada. This development involves the drilling of vertical, slant and horizontal wells that will produce naturally without the need for either the much more capital intensive process of Steam-Assisted Gravity Drainage (“SAGD”) or multi-stage hydraulic fracture stimulation (“fracking”).

PetroFrontier’s head office is located in Calgary, Alberta and its common shares are listed for trading on the TSXV 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. 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.



For more information, please contact

Robert J. Iverach, CEO or
Kelly Kimbley, President

PetroFrontier Corp.
Suite 900, 900 - 8 Avenue S.W.
Calgary, Alberta, Canada T2P 0P7
Telephone: (403) 718-0366
Email: info@petrofrontier.com
Website: www.petrofrontier.com