thanks for the update robjAlso part of the Ann referred to the...

thanks for the update robj
Also part of the Ann referred to the discussions for the proposed Joint Venture - the period for these are now also likely to be extended past end of March.

Full text as follows:-
' PetroFrontier Corp. announces award of additional permits and update on operations and joint venture process
CALGARY, March 5, 2012 /PRNewswire/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is pleased to announce that it has been awarded two exploration permit applications ("EPAs") in the western part of the Southern Georgina Basin, Northern Territory, Australia totaling 3,800 km2 (939,000 acres). EPA 213 (1,527 km2) and EPA 252 (2,273 km2) have been conditionally awarded to PetroFrontier and are dependent on the negotiation of surface access agreements with the Aboriginal stakeholders in the area. These two EPAs are 100% owned by PetroFrontier. These additional EPAs bring the total gross acreage controlled by PetroFrontier to approximately 14.5 million acres.

Operational Update

On January 24, 2012, PetroFrontier announced that it had contracted Rig 918 from Ensign Australia Pty. Limited, a subsidiary of Ensign International Energy Services. Rig 918 will be used to finish the MacIntyre 2H horizontal well and then drill a high angle pilot well at Owen 3. The party currently using Rig 918 has advised PetroFrontier that Rig 918 will not be released from its current drilling location in the Cooper Basin until mid-April 2012. Once Rig 918 is released, PetroFrontier anticipates that an additional week will be required to mobilize it from the Cooper Basin to the Southern Georgina Basin. However, if current rain persists in the Cooper Basin or in the Southern Georgina Basin, the arrival of Rig 918 could be further delayed.

PetroFrontier believes it has sufficient capital at this time to drill both MacIntrye 2H and Owen 3, and to complete hydraulic fracture stimulations at both MacIntrye 2H, as well as the suspended Baldwin 2H well.

Joint Venture Process

On January 16, 2012, PetroFrontier announced that it had retained Macquarie Capital Markets Canada Ltd. as its exclusive adviser to assist it in seeking a suitable joint venture partner to participate with it in the exploration and development of its extensive unconventional and conventional exploration acreage in Australia's Southern Georgina basin. An electronic data room has been opened and has been populated with all the relevant technical and commercial material. Interest from industry has been considerable and the deadline of March 29, 2012 for submitting proposals will likely be extended'.



The only bright side is that at least the rain/flooding etc has time to disappear.

PFC still have sufficient funds for Mac-1 & Baldwin-1 and sound confident of a positive outcome which is encouraging.