NORTH LAS VEGAS, Nev.--(BUSINESS WIRE)--Frontier Energy Corp (Pink Sheets:FRGY - News), in its ongoing goal to keep shareholders informed, announces they have signed an agreement with a Texas Engineering firm for the purposes of determining reserve estimation and economic projection of the oil, gas and mineral reserves on a Property. The report shall be in the form required by Frontier, and in accordance with the requirements of the Securities and Exchange Commission (SEC) and/or Society of Petroleum Engineers (SPE), as applicable. The property currently has 2 new successful wells and what Frontier believes is a large oil reserve. The report should be completed in short order and should the report come back positive, Frontier Energy will close on the lease which includes the existing new wells.
. Frontier Energy Corp CEO, Bob Genesi comments, “This is just one of the many properties we are exploring. We are particularly excited about this property that was brought to our attention from our consultant Mr. Bower. One of many we are currently looking at. We look forward to keeping our shareholders informed about our ongoing positive developments."
About Frontier Energy Corp.
Frontier is a newly-recapitalized exploratory oil and gas business headquartered in Las Vegas, Nevada. The goal of Frontier Energy is to build a solid portfolio of assets through the acquisition of leases and explore and develop the opportunities on the individual leases.
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Thank you for taking the time to send me your inquiry. Frontier Energy was asked to restate the financials for the year ending 2007, due to some questions that the SEC had with regards to several items that needed further disclosure. Our Legal and Accounting team has been working to address these deficiencies and are very close to filing the restated 2007 financials, we are awaiting the Senior partner of our audit firm to sign off. Once he signs off we will file the financials on Edgar. With regards to your question of the 2008 financials, they are complete and the 10K has been drafted and now the financials just need to be adjusted based on the changes made in 2007, then it will be reviewed and filed. The 2009 accounting is finished and our attorney will be drafting the final version of the 10K for our auditors to once again review. Our biggest hurdle was completing the 2007 restatement, the remaining filings will be much easier to have filed and I do not foresee delays like we experienced with our 2007 restatement.
I hope that I answered your questions, please feel free to send me a note anytime, I will do my best to respond in a relatively short time period. I wish you good health and I appreciate the effort you put forth sending me this.