NORTH LAS VEGAS, NV, Jan 09, 2009 (MARKET WIRE via COMTEX) -- Frontier Energy Corporation ("Frontier" or "the Company") (PINKSHEETS: FRGY) is pleased to announce the signing of a Letter of Intent to form a joint venture with Weekley Energy Group 1 L.P. The joint venture concerns the acquisition of four separate leases containing a total of 27 well bores, of which three wells are producing. The remaining wells will be re-entered in four stages over a 120 day period from the date of closing and will use Weekly Energy's proprietary technologies and processes to re-complete along with the technical expertise of Frontier's consultants.
The joint venture entitles Frontier to receive for its initial funding 75% net revenue interest (BPO) and 50% net revenue interest (APO). The joint venture will continue to pursue additional re-entry and re-completion partners within the area of mutual interest in a 50/50 partnership.
Richard Shykora, CEO of Frontier Energy, stated, "We are looking forward to a successful relationship with the Weekley Energy Group and through Mr. Anderson's expertise to evaluate this opportunity, we feel this is a stepping stone to a potentially larger scale joint venture with the Weekley Energy Group.
"Weekley Energy Group 1 L.P. is pleased to enter into the joint venture with Frontier Energy. The addition of Mr. Anderson to our team will definitely strengthen our geophysical and technical expertise as we move to increase our inventory of well bores and acreage in the area of mutual interest containing tens of millions of recoverable barrels through our unique applications and technological processes."
About Frontier Energy Corp.
Frontier is an exploratory oil and gas business headquartered in North Las Vegas, Nevada. Our goal is to build a solid portfolio of assets through the acquisition of leases and explore and develop the opportunities on the individual leases.
Except for the historical information presented, the above statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 or regulations there under. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. These risks include the economic health of the oil and gas industry, competitive pricing pressures, completion of possible acquisitions, success at integrating and operating any acquired operations and the availability of necessary financing without limitations. These statements speak only as of above date, and Frontier Energy Corp. disclaims any intent or obligation to update them.
Contact: Frontier Energy Corporation North Las Vegas Robert Genesi 702-648-5849
SOURCE: Frontier Energy Corp.
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