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First Quarter 2008 Results and Operations Review
(Marketwire Via Acquire Media NewsEdge) HOUSTON, TX, May 16 / MARKET WIRE/ --
Frontera Resources Corporation (London Stock
Exchange, AIM Market - Symbol: FRR; OTCQX Market, U.S.A. - Symbol: FRTE),
an independent oil and gas exploration and production company, today
announced results for the quarterly period ended 31 March 2008.
2008 Q1 Financial Highlights
-- Results for the quarter ended 31 March 2008 reflect a net loss of $6.1
million, or $0.09 per share on a fully-diluted basis, in line with the
early stage nature of the company's asset portfolio and expenditures
required to evaluate the company's undeveloped fields and exploration
opportunities.
-- Working capital position of $29 million at 31 March 2008.
2008 Q1 Operational Highlights
-- Taribani Field Unit - Continued Zone 9 development program.
-- Basin Edge Play Unit - Continued extensive exploration drilling
campaign at the "C" Prospect.
-- Shallow Fields Production Unit - Commenced new drilling campaign and
continued profitable production, with oil sale arranged for completion in
Q2.
-- Mirzaani Field Area Exploration Unit - Advanced efforts to farm out
the Mirzaani Deep Prospect in order to accelerate drilling of this large
prospect situated beneath the currently producing Mirzaani Field.
-- Block 12 Area Wide Development Unit - Evolved Frontera's extensive
inventory of undrilled prospects and undeveloped fields in anticipation of
mid-term and long-term value creation opportunities.
Additional updates of the company's ongoing progress can be found at
www.fronteraresources.com.
Notes to Editors:
1. Frontera Resources Corporation is an independent Houston, Texas,
U.S.A.-based international oil and gas exploration and production company
whose strategy is to identify opportunities and operate in emerging markets
around the world. Frontera has operated in Georgia since 1997 where it
holds a 100 percent working interest in a production sharing agreement with
the government of Georgia. This gives Frontera the exclusive right to
explore for, develop and produce oil and gas from a 5,060 square kilometer
area in eastern Georgia known as Block 12. For more information, please see
www.fronteraresources.com.
2. This release may contain certain forward-looking statements, including,
without limitation, expectations, beliefs, plans and objectives regarding
the potential transactions, potential drilling schedule, well results and
ventures discussed in this release, as well as reserves, future drilling,
development and production. Among the important factors that could cause
actual results to differ materially from those indicated by such
forward-looking statements are: future exploration and development results;
availability and performance of needed equipment and personnel; seismic
data; evaluation of logs and cores from wells drilled; fluctuations in oil
and gas prices; weather conditions; general economic conditions; and the
political situation in Georgia and neighboring countries. There is no
assurance that Frontera's expectations will be realized, and actual results
may differ materially from those expressed in the forward-looking
statements.
Enquiries:
Frontera Resources Corporation
Liz Williamson
Vice President, Investor Relations and Corporate Communications
(713) 585-3216Email Contact
Brunswick Group LLP
Patrick Handley / Mark Antelme
London: +44 207 4045959
Copyright ? 2008 Marketwire
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