Petrofrontier Announces Partnership with the Korea Institute of Geoscience And Mineral Resources

CALGARY, AB / ACCESSWIRE / August 15, 2023 / PetroFrontier Corp. ("PetroFrontier" or "the Corporation") (TSXV:PFC) is pleased to announce that it has partnered with the Korea Institute of Geoscience and Mineral Resources ("KIGAM") enabling PetroFrontier to initiate the development of its enhanced oil recovery ("EOR") opportunities. The partnership will proceed under the terms of the Cooperative Research and Development Agreement (the "Agreement") signed by the parties. The Agreement provides for the design and construction of an advanced EOR pilot program and the completion of comprehensive front-end engineering and design for a future 20,000 barrels per day commercial development. KIGAM has committed to contribute approx. CND$30MM in non-equity, non-debt funding for research and development to be provided to PetroFrontier in renewable annual tranches of approx. CDN$5MM over the next six years.

The aim of the partnership is to utilize and advance cutting-edge EOR technologies, including water recycling capability, carbon capture and storage, and partial upgrading of the produced crude oil. Beyond serving as a pioneering research project, the EOR pilot project also aims to generate near and long-term social and economic benefits including by focusing on technologies that maximize energy efficiency and environmental responsibility.

Kelly Kimbley, President and CEO of PetroFrontier, stated "I would like to thank KIGAM for selecting PetroFrontier to partner with it in this worthwhile and value-creating initiative. We look forward to working with KIGAM to set new benchmarks in enhanced oil recovery techniques in a Canadian industry that is already a world leader in environmentally and socially responsible resource development. We believe that the partnership will enable KIGAM to showcase Korea's world class technological and manufacturing expertise and apply it to Canada's best-in-class resource development technologies and practices."

Dr. Young-Ju Kim, head of the integrated demonstration of oil sands project for KIGAM stated "I am sincerely pleased that PetroFrontier, with its experience and expertise in heavy oil projects, will carry out a pilot project with KIGAM. Through the pilot project, PetroFrontier's advanced technology will enable Korea to secure localized technology for the production of unconventional resources and achieve technological independence in future resource development. We hope that the cooperation between KIGAM and PetroFrontier will continue, starting with the enhanced oil recovery pilot project."