ALGARY, Jan. 14, 2013 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier" or the "Corporation") announces, further to its press release dated December 4, 2012, that it has retained GMP Securities L.P. ("GMP") as the Corporation's exclusive financial advisor. GMP will assist the Corporation in identifying and evaluating a range of strategic alternatives, which could include a recapitalization of the Corporation, a merger or other business combination of the Corporation with another entity or the sale of the Corporation as a whole. Over the past few weeks, the Corporation has received a number of inquiries, has opened an electronic data room and has already signed confidentiality agreements with several parties."""
Statoil has farmed into Petrofrontier's four existing Exploration Permits (EP 103, 104, 127 and 128) as well as pending exploration permits (213 and 252) in the South Georgina Basin in Australia's Northern Territories.This is an early entry at scale into over 13 million acres of immature, but potentially highly prospective play at low cost, with significant upsides. Through a step-wise exploration programme the partners will potentially drill 10-20 wells by 2017 in three phases to demonstrate prospectivity. Atle Rettedal, senior vice president for New Ventures in StatoilPetrofrontier will operate the first phase of the programme while Statoil has secured options to operate from the second exploration phase in addition to increase ownership interests from 25 to 65% of Petrofrontier's interests. Statoil has committed to contribute USD 25 million for the first phase of the exploration programme. This figure could escalate to USD 200 million through a phase two and three depending on exploration results. """