Petrofrontier closes second tranche of private placement for $10M

Petrofrontier

Calgary, Alberta-based Petrofrontier Corp. has closed the second tranche of its $10.0 million non-brokered private placement. Pursuant to the second closing of the offering, PetroFrontier issued 7,913,613 units at a price of $0.65 per Unit for gross proceeds of $5,143,848. Each Unit consists of one common share and one common share purchase warrant.  

Proceeds from the offering will be used to fund the remainder of The international oil and gas company's 2012 joint capital expenditure program with Statoil Australia Oil and Gas AS and for general corporate purposes.

PetroFrontier's three well completion program is ongoing and the completions crew is currently rigging up at the second horizontal well location, Baldwin-2Hst1 (EP 103).

PetroFrontier is an international oil and gas company engaged in the exploration, acquisition and development of both conventional and unconventional onshore petroleum assets in Australia's Southern Georgina Basin.

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