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PETROFRONTIER CORP. ("PFC")
[formerly Pendulum Capital Corporation ("PND.P")]
BULLETIN TYPE: Resume Trading, Qualifying Transaction-Completed/New Symbol, Name Change and Consolidation
BULLETIN DATE: January 12, 2011
TSX Venture Tier 2 Company

Resume Trading:

Effective at the open, Thursday, January 13, 2011, trading in the shares of Pendulum Capital Corporation (the 'Company') will resume.

TSX Venture Exchange has accepted for filing the Qualifying Transaction of the Company described in its Joint Information Circular dated as of December 1, 2010. As a result, at the opening on Wednesday, January 12, 2011, the Company will no longer be considered a Capital Pool Company. The Qualifying Transaction includes the following:

Qualifying Transaction-Completed:

Pursuant to an arm's length amalgamation agreement dated as of October 5, 2010, the Company and Australia Energy Corp. ('AEC') have combined to form PetroFrontier Corp. (the 'Resulting Issuer'). Pursuant to the amalgamation, 583,333 shares of the Resulting Issuer were issued to the Company's shareholders at an exchange ratio of 12 Company shares for each Resulting Issuer share. In exchange for the shares of AEC, 17,396,801 Resulting Issuer shares were issued to AEC shareholders at a deemed price of $1.20 per share for a total deemed consideration of $20,876,161. Additionally, 26,500,000 Resulting Issuer shares were issued pursuant to the conversion of AEC subscription receipts sold through a brokered private placement completed by AEC in December 2010, 2,750,000 Resulting Issuer shares were issued pursuant to a non-brokered private placement also completed by AEC in December 2010, and 500,000 Resulting Issuer shares were issued to Northern Territory Oil Ltd. ('NTO') pursuant to an agreement between AEC and NTO.

A total of 3,699,635 Resulting Issuer shares issued pursuant to the Qualifying Transaction are subject to a Tier 2 Value Security Escrow Agreement to be released over a 36-month period from the date of this bulletin.

Insider / Pro Group Participation:


Name Insider=Y /
ProGroup=P
# of Shares
Paul J. Bennett
Matthew P. Philipchuk
Peter A. Philipchuk
Shane J. Kozak
Robert J. Iverach
James W. Buckee
Martin P. McGoldrick
Al J. Kroontje
Donald J. Rae
Odin Capital Inc. (Matthew Philipchuk, Peter Philipchuk) Y
Y
Y
Y
Y
Y
Y
Y
Y
Y 20,000
125,000
125,000
10,000
300,001
459,000
185,000
750,000
100,000
1,625,634

The Company is classified as an 'Oil and Gas' company.

For further information, please refer to the Company's Joint Information Circular dated as of December 1, 2010 which is available on SEDAR.

In addition, the Exchange has accepted for filing the following:

Name Change and Consolidation:

Pursuant to a resolution passed by shareholders December 29, 2010 approving the amalgamation, the Company has effectively consolidated its capital on a 12 old for 1 new basis. The name of the Company has also been changed as follows.

Effective at the opening Thursday, January 13, 2011, the common shares of PetroFrontier Corp. will commence trading on TSX Venture Exchange, and the common shares of Pendulum Capital Corporation will be delisted.

Capitalization:

Escrow: Unlimited
47,730,134
4,032,968 shares with no par value of which
shares are issued and outstanding
shares

Transfer Agent: Olympia Trust Company
Trading Symbol:
CUSIP Number: PFC
71648X106 (new)
(new)

Company Contact:
Company Address:

Company Phone Number:
Company Fax Number: Shane Kozak, VP Finance & CFO
Suite 320, 715 - 5th Ave SW
Calgary, AB T2P 2X6
(403) 718-3877
(403) 718-3888

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