CALGARY, ALBERTA--(Marketwire - Jan. 18, 2011) - PetroFrontier Corp. ("PetroFrontier") (TSX VENTURE:PFC) would like to update its shareholders and other interested parties regarding its proposed drilling operations.

Proposed Operations on EP 103 and EP 104, Northern Territory, Australia

PetroFrontier and a co-owner each own a 50% working interest in EP 103 and EP 104 (comprising approximately 5.71 million gross acres), Northern Territory, Australia. PetroFrontier and the co-owner are also parties to a joint operating agreement ("JOA") governing their operations in EP 103 and EP 104, under which PetroFrontier is the operator. 

Pursuant to the JOA, PetroFrontier has proposed a 20 well horizontal multi-stage fracturing drilling program (the "20 Well Program") designed to test the regionally distributed unconventional Basal Arthur Creek shale zone on EP 103. PetroFrontier has been advised that the co-owner has elected not to participate in the 20 Well Program. Therefore, PetroFrontier will take steps to carry out the 20 Well Program as an "exclusive operation" pursuant to the JOA. As a result, PetroFrontier will pay 100% of the costs of the 20 Well Program and will be entitled to 100% of the production from any resulting discovery, unless the non-participating co-owner wishes to reinstate its rights therein by paying its share of all liabilities and expenses incurred in the exclusive operations plus a premium of 400% on the co-owner's 50% share of the cost of drilling and testing.

Pursuant to the JOA, PetroFrontier also intends to propose a vertical well drilling program on EP 103 and EP 104 to evaluate conventional targets both above and below the Basal Arthur Creek shale zone as well as the horizontal viability of the Basal Arthur Creek shale zone itself. Non-participation by the co-owner in the 20 Well Program does not preclude it from participating in this or other exploration programs proposed for EP 103 and EP 104 by PetroFrontier as operator. No wells have yet been approved for EP 104.

First Two Wells to be Drilled in Northern Territory, Australia

The first well to be drilled by PetroFrontier will be the first horizontal well ("Baldwin-2") on EP 103 to be drilled as a part of the 20 Well Program. Baldwin-2 will be a twin to the existing "Baldwin-1" well. Baldwin-1 will be the pilot hole for the horizontal leg of Baldwin-2 into the Basal Arthur Creek shale zone. Baldwin-2 also includes conventional targets above the Basal Arthur Creek shale zone.

The second well expected to be drilled by PetroFrontier (but not part of the 20 Well Program) will be a horizontal well ("MacIntyre-2") in EP 127, Northern Territory, Australia where PetroFrontier holds a 75% working interest and is also the operator. MacIntyre-2 will be a twin to the existing "MacIntyre-1" well. MacIntyre-1 will be the pilot hole for the horizontal leg of MacIntyre-2 into the Basal Arthur Creek shale zone. MacIntyre-2 also includes conventional targets above the Basal Arthur Creek shale zone. 

PetroFrontier's co-owner in EP 103 and EP 104 has no interest in EP 127 or in the adjacent permit, EP 128 (where PetroFrontier also has 75% operated working interest). EP 127 and EP 128 comprise approximately 7.85 million gross acres.

Report by Ryder Scott Company Canada

According to a report (the "Ryder Scott Report") dated November 1, 2010 prepared by Ryder Scott Company Canada (independent oil and natural gas reservoir engineers), the unconventional Basal Arthur Creek shale zone in each of EP 103, EP 104, EP 127 and EP 128 may contain 13.2 billion barrels, 5.7 billion barrels, 2.7 billion barrels and 4.8 billion barrels respectively of unrisked prospective (recoverable) oil resources using a 50% probability that the quantities actually recovered will equal or exceed the estimate. 

The Ryder Scott Report on the resource potential of the Southern Georgina Basin describes the prospective (recoverable) portion of "Undiscovered Resources", as defined by the Canadian Oil and Gas Evaluation Handbook and does not represent an estimate of reserves. The Ryder Scott Report is compliant with National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities" ("NI 51-101"). There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.

Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are presented as unrisked prospective oil resources. The term unrisked means that no geological risk (play risk) has been incorporated in the hydrocarbon volume estimates.

Additional information on the prospective resources can be found at www.sedar.com, in the Information Circular dated December 1, 2010 filed under the profile of Pendulum Capital Corporation.

For more information on PetroFrontier Corp., please visit www.petrofrontier.com.

About PetroFrontier Corp.

PetroFrontier is an international oil and gas company engaged in the exploration, acquisition and development of both conventional and unconventional world-class onshore petroleum and natural gas assets in Australia's South Georgina Basin. Founded in 2009, PetroFrontier is one of the first companies to undertake onshore exploration in the South Georgina Basin in Australia's Northern Territory. PetroFrontier's head office is based in Calgary, Alberta and operations office is in Adelaide, South Australia.

Forward-Looking Statements

This press release contains 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 drilling program of PetroFrontier. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information. Accordingly, prospective investors should not place undue reliance on these forward-looking statements. 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.