CALGARY, Dec. 4, 2012 /PRNewswire/ - (TSXV: PFC) - PetroFrontier Corp. ("PetroFrontier" or the "Corporation") announces that its Board of Directors has commenced a strategic review process to identify, examine and consider strategic alternatives for the Corporation. Such strategic alternatives could include a recapitalization of the Corporation, a merger or other business combination of the Corporation with another entity or the sale of the Corporation as a whole. On June 20, 2012, the Corporation announced that it had entered into both a farm-in agreement with Statoil Australia Oil & Gas AS ("Statoil") and an underwriting agreement with a large investment bank for the purchase on a "bought deal" basis of 15,000,000 subscription receipts at a price of $1.00 per subscription receipt. On July 11, 2012, the Corporation announced that it had received a notice from the investment bank terminating the "bought deal" financing. Despite raising some funds in September 2012, the Corporation still has a need for additional financing to fulfill its ongoing obligations. Given the challenging state of the capital markets and the Corporation's recent operational results, the Board of Directors decided to initiate this process. Owen-3H Update After 20 days of testing, the Owen-3H well flowed back fluids approximately equal to the amount injected during stimulation and 90% of the amount lost during drilling. However, no hydrocarbons were recovered. As a result the test was stopped and the well shut in pending a further review of the data obtained. During the hydraulic stimulation of this well, PetroFrontier utilized an advanced chemical tracer application to allow subsequent flow differentiation from each of the ten ports. The analysis of these tracer samples is ongoing and once they have been fully evaluated, a remedial work over program may be developed and risk assessed for implementation.