PetroFrontier Corp. Provides Update on Research & Development Tax Claim and Status of Amended Farmin Agreement with Statoil
CALGARY, Nov. 13, 2014 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is pleased to announce that its wholly owned subsidiary, Texalta Australia Pty Ltd has received $1,447,834 (Australian Dollars) in respect of Research & Development tax incentives from the Australian Taxation Office plus accrued interest of $51,679.
PetroFrontier has also received a notice from Statoil Australia Theta B.V. ("Statoil") indicating that expenditures in excess of US$50 million have been incurred under the Amended and Restated Farmin Agreement (the "Amended Farmin Agreement"), thus fully satisfying all of Statoil's Phase 2A commitments thereunder. Statoil is not expected to perform additional exploration expenditures beyond the approved 2014 Work Program and Budget and PetroFrontier anticipates receiving a notice from Statoil in due course that it will not be proceeding to Phase 2B in accordance with the Amended Farmin Agreement.
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