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.
PetroFrontier names Scott COO
PetroFrontier Corp. has appointed Earl Scott as COO of PetroFrontier and president of its two wholly-owned Australian subsidiaries, PetroFrontier (Australia) Pty. Ltd. and Texalta (Australia) Pty. Ltd. 2012-02-01
PetroFrontier CEO to take on president role following Philipchuk resignation
PetroFrontier Corp.’s president, Matthew Philipchuk, has resigned in order to pursue other business opportunities in Australia. 2011-10-14
PetroFrontier drills first horizontal well in AU's Lower Arthur Creek
PetroFrontier Corp. said October 11 that it has successfully drilled Baldwin-2Hst1, Australia's first horizontal well in the Lower Arthur Creek "Hot Shale" Formation in the southern Georgina Basin in the Northern Territory, Australia. 2011-10-12