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PetroFrontier Corp.’s wholly-owned subsidiary, PetroFrontier Australia Pty Ltd., has completed the earning of a 50% working interest in Exploration Permit (EP) 127 and EP 128, in the Northern Territory, Australia, pursuant to its previously announced farmin agreement with Baraka Energy & Resources Ltd. This earning will increase PetroFrontier's working interest in EP 127 and EP 128 to 75% from 25% in 7.9 million gross undeveloped exploratory acres.
PetroFrontier is currently drilling the farmin well, MacIntyre-2H, on EP 127, which has now exceeded a horizontal length of 501 m (1,643 ft), the minimum farmin commitment. The company intends to continue drilling the well to a total horizontal length of approximately 1,000 m (3,280 ft).
PetroFrontier expects to issue its next drilling update report once MacIntyre-2H has finished drilling and the completion assembly has been set. The rig will then mobilize to the Owen-3 well site.