CALGARY,
Aug. 5, 2014 /CNW/ - (TSX-V:
PFC) - PetroFrontier Corp. ("PetroFrontier") announces that it
(and its two wholly-owned subsidiary corporations) have filed a
Statement of Claim in the Court of Queen's Bench of Alberta against Macquarie Capital Markets
Canada Inc. ("Macquarie") for damages which PetroFrontier sustained
as a result of the termination by Macquarie on July 9, 2012 of an Underwriting Agreement made
effective June 20, 2012 between
Macquarie and PetroFrontier. Pursuant to the Underwriting
Agreement, 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 damages
suffered by PetroFrontier include the initial loss of the proceeds
from the bought deal, the loss of market value of PetroFrontier's
securities subsequent to the termination and the residual loss in
the value of its interests in the Southern Georgina Basin as a
result of having to amend the terms of its farmout agreement with
Statoil Australia Theta B.V.
About PetroFrontier Corp.
PetroFrontier is an international oil and gas
exploration company engaged in the exploration, acquisition and
development of both conventional and unconventional petroleum
assets in Australia's Southern
Georgina Basin where, subsequent to its Amended Farmin Agreement
with Statoil Australia Theta B.V., it holds a net carried 20%
working interest in approximately 13.1 million gross acres.
PetroFrontier's head office is based in Calgary, Alberta and its common shares are
listed 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 the outcome of the lawsuit
against Macquarie. 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.