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Frontier Energy Corporation
Frontier Energy Signs Letter of Intent for West Texas Oil and Gas Joint Venture
NORTH LAS VEGAS, Nev., April 21, 2009 (GLOBE NEWSWIRE) -- Frontier Energy Corporation ("Frontier" or "the Company") (Pink Sheets:FRGY) is pleased to announce the signing of a Letter of Intent to form a joint venture with RJ Oil & Gas LLC ("RJ"), a private corporation located in Denver, CO. The objective of the joint venture is rehabilitation, exploitation, optimization and further development of certain oil and gas properties located in Callahan County, Texas, in the vicinity of Abilene. For an investment of $250,000, Frontier has the right to earn a 49% working interest in three leases containing some 450 acres, 10 producing wells, 32 additional wells available to be returned to production, 4 injection wells and ancillary facilities and equipment. The property also has potential for additional drilling in which Frontier will participate for its proportionate share. RJ will operate the leases. A key element of the transaction -- immediately upon execution of formal agreement(s), Frontier will earn a proportionate share of any production in the joint venture.