Just received by email;"PetroFrontier Corp. announces...

Just received by email;

"PetroFrontier Corp. announces termination of bought deal financing by Macquarie


CALGARY, July 11, 2012 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") announces that it has received a notice of termination from Macquarie Capital Markets Canada Inc. ("Macquarie") terminating its obligations pursuant to the Underwriting Agreement made effective June 20, 2012 (the "Underwriting Agreement"), whereby Macquarie had agreed to purchase on a bought deal basis 15,000,000 subscription receipts at a price of $1.00 per subscription receipt. The notice of termination received from Macquarie did not provide the reason for Macquarie terminating its obligations under the Underwriting Agreement. Management of PetroFrontier is of the view that Macquarie did not have a valid legal reason to terminate the Underwriting Agreement and PetroFrontier is currently reviewing it options in this regard.

Financial Update

Pursuant to the recently announced joint venture between Statoil Australia Oil and Gas AS ("Statoil") and PetroFrontier, each of the parties has already contributed US$15 million to fund the 2012 capital program. Management believes PetroFrontier has sufficient capital on hand to fund operations throughout 2012. However, additional capital will be required in order to fund 2013 operations including PetroFrontier's remaining commitment of US$10 million under the Phase I joint exploration program with Statoil. Management is currently considering alternative sources of financing to replace some or all of the funds that would have been raised pursuant to the Underwriting Agreement.

About PetroFrontier Corp.

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. Founded in 2009, PetroFrontier is one of the first companies to undertake onshore exploration in the Southern Georgina Basin in Australia's Northern Territory. PetroFrontier's head office is in Calgary, Alberta and its operations office is in Adelaide, South Australia. PetroFrontier's common shares are listed on the TSX Venture Exchange under the symbol "PFC"."

RAVI