PetroFrontier Corp. ("PetroFrontier") is very pleased to announce that the Foreign Investment Review Board of Australia ("FIRB") has no objection to the joint venture between Statoil Australia Oil and Gas AS ("Statoil") and PetroFrontier. This approval satisfies the last condition precedent of the Farm-In Agreement announced on June 20, 2012.
"We are thrilled that this final condition precedent has been met" said Paul Bennett, President & CEO of PetroFrontier. "The exploration of our large acreage position in this unconventional resource play will require extensive capital and technical capabilities, both of which Statoil brings to our joint venture. Their involvement will enable our company to develop this massive potential hydrocarbon resource."
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