CALGARY, Feb. 11, 2016 /CNW/ - (TSX-V: PFC) –
PetroFrontier Corp. ("PetroFrontier" or the "Corporation")
announces that it has extended the term of its engagement with GMP
Securities L.P. ("GMP") as the Corporation's exclusive financial
advisor, for an additional six months. GMP will continue to 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.
PetroFrontier cautions that there are no guarantees that the
strategic alternatives review process will result in a transaction
or, if a transaction is undertaken, its terms or timing. To date
the Corporation has reviewed a wide variety of potential
opportunities. However, the Corporation has not set a
definitive schedule to complete its evaluation and does not intend
to disclose developments with respect to this process unless and
until the evaluation has been completed or a definitive agreement
has been reached, unless otherwise determined or required by
law.
About PetroFrontier Corp.
PetroFrontier has been an international oil and gas exploration
company engaged in the acquisition and exploration of both
conventional and unconventional petroleum assets in Australia's Southern Georgina Basin.
PetroFrontier currently has in excess of $9
million in cash and no debt and has focused its attention on
identifying and evaluating a range of options, which could include
a recapitalization of PetroFrontier, a merger or other business
combination of PetroFrontier with another entity or the sale of
PetroFrontier as a whole.
PetroFrontier's head office is in Calgary, Alberta and its common shares are
listed for trading on the TSX Venture Exchange under the symbol
"PFC".
Forward-Looking Statements
This press release may contain forward-looking information
that involves substantial known and unknown risks and
uncertainties, most of which are beyond the control of
PetroFrontier, including, without limitation, statements pertaining
to the potential timing and results of the review process and to
management's future plans and operations. All statements
included herein, other than statements of historical fact, are
forward-looking information and such information involves various
risks and uncertainties. There can be no assurance that such
information will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such information. A description of assumptions used to
develop such forward-looking information and a description of risk
factors that may cause actual results to differ materially from
forward-looking information can be found in PetroFrontier's
disclosure documents on the SEDAR website at
www.sedar.com. Any forward-looking
statements are made as of the date of this release and, other than
as required by applicable securities laws, PetroFrontier does not
assume any obligation to update or revise them to reflect new
events or circumstances.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE PetroFrontier Corp.