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PetroFrontier ( (TSE:PFC) ) has issued an update.
PetroFrontier Corp. has successfully closed a $15.1 million funding arrangement with DeerGarden Resources Ltd. This arrangement involves forming a limited partnership to manage PetroFrontier’s Cold Lake interests, with PetroFrontier holding 49.5% of the partnership units and DeerGarden contributing $14 million to finance development activities. The deal also includes an additional $1.1 million debt funding to address PetroFrontier’s outstanding accounts payable. The development will focus on drilling new wells and enhancing existing ones, targeting production from the Mannville formation, which could significantly impact the company’s operational capabilities and financial health.
More about PetroFrontier
PetroFrontier Corp. operates in the petroleum and natural gas industry, focusing on development and production activities. The company’s primary market focus is on optimizing its interests in the Cold Lake area of Alberta, Canada.
YTD Price Performance: 0%
Average Trading Volume: 791,592
Technical Sentiment Consensus Rating: Buy
Current Market Cap: C$4.67M
Learn more about PFC stock on TipRanks’ Stock Analysis page.