on PetroFrontier Corp. (isin : CA71648X1069)
PetroFrontier Corp. Announces $15.1 Million Funding Arrangement
Calgary, AB / ACCESSWIRE / July 30, 2024 / PetroFrontier Corp. (TSXV:PFC) has entered into a funding arrangement with DeerGarden Resources Ltd. to optimize development in the Cold Lake area of Alberta.
The agreement involves the creation of a limited partnership where PetroFrontier will contribute its Cold Lake petroleum and natural gas interests in exchange for 99% of the partnership units. DeerGarden will provide $14 million in capital for development activities, with a focus on drilling and well workovers.
Additionally, DeerGarden will extend $1.1 million in debt to PetroFrontier to address outstanding accounts payable. The transaction awaits regulatory and shareholder approvals, with closing expected within 30 to 60 days.
R. E.
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