16th Jul 2009 07:00
Frontera Resources Receives Five-Year Extension to Exploration Phase in Georgia Operations
HOUSTON, TX--(Marketwire - July 16, 2009) - Frontera Resources Corporation (London Stock Exchange, AIM Market - Symbol: FRR; OTCQX Market, U.S.A. - Symbol: FRTE), an independent oil and gas exploration and production company, today announced that it has received an extension to the exploration phase of its Production Sharing Agreement covering Block 12 in the country of Georgia from 2012 to 2017.
Frontera operates an area of approximately 5,060 square kilometers in the Kakheti region of eastern Georgia known as Block 12 and is conducting exploration and production activities in accordance with the Production Sharing Agreement.
Steve C. Nicandros, Chairman and Chief Executive Officer, commented:
"We are very pleased to have the opportunity to continue to progress our extensive ongoing exploration efforts throughout Block 12 building upon our historical exploration and production investments. This extension provides the framework to continue to undertake the necessary programs to advance the inventory of oil and gas projects and associated significant prospectivity that these investments have identified. We are committed to the value creation proposition that our work to date has uncovered, and we remain very confident to continue to focus our investments within Georgia's energy sector for many years to come."
Notes:
1. Frontera Resources Corporation is an independent Houston, Texas, U.S.A.-based international oil and gas exploration and production company whose strategy is to identify opportunities and operate in emerging markets around the world. Frontera Resources Corporation shares are traded on the London Stock Exchange, AIM Market - Symbol: FRR and via the Over-the-Counter Market, U.S.A. - OTCQX Symbol: FRTE. For more information, please visit www.fronteraresources.com.
2. This release may contain certain forward-looking statements, including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions, potential drilling schedule, well results and ventures discussed in this release, as well as reserves, future drilling, development and production. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: future exploration and development activities; availability and performance of needed equipment and personnel; the company's ability to raise capital to fund the planned exploration and development programs; seismic data; evaluation of logs, cores and other data from wells drilled; fluctuations in oil and gas prices; weather conditions; general economic conditions; the political situation in Georgia and neighboring countries; and other factors listed in Frontera's financial reports, which are available at www.fronteraresources.com/Investors.php?link_id=23. There is no assurance that Frontera's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements.
Enquiries: Frontera Resources Corporation Liz Williamson Vice President, Investor Relations and Corporate Communications (713) 585-3216[email protected] Nominated Advisor: Canaccord Adams Limited Jeffrey Auld/Ryan Gaffney/Eli Colby +44 20 7050 6500
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