Frontier Resources International plc

LSE : FRGP


November 15, 2012 02:00 ET

Sale of U.S. Assets

                                                                                               15 November 2012
                                                                                                   GB00B3K9ML24
                                     Frontier Resources International Plc
                                         ("Frontier" or the "Company")
                                                       
                                              Sale of U.S. Assets
                                                       
Frontier  Resources  International  Plc,  the ISDX Growth Market  (Ticker:  FRGP)  international  oil  and  gas
exploration  company with assets in Oman, Namibia and Zambia, is pleased to announce the sale  of  its  onshore
Texas assets to Gardner Energy Corporation and Pandale Land and Minerals Co. LLC, of Houston, Texas for a  cash
consideration of USD360,000. The onshore Texas assets were non-core to the future focus of the Company.

The  Purchase  and  Sale Agreement was signed on 26 October 2012 with an effective date of 31  July  2012.  The
conveyance documents for the various assets are now being finalized and the overall transaction is expected  to
be completed by the end of November 2012. Proceeds from the sale will be used to advance the exploration of the
Company's international assets.

Frontier's CEO Jack Keyes said: "We are pleased to announce this asset sale as it now allows the management  to
focus on the Company's core exploration areas of the Middle East and South West Africa".

The Directors of Frontier are responsible for the contents of this announcement.

For more information on Frontier, please visit: www.friplc.com

Enquiries should be addressed to:

Frontier Resources International Plc
Jack Keyes, CEO
Telephone: U.S.A. +1 (281) 920 0061

Mr. Graeme Thomson
Telephone: U.K. +44 7930 405 921

Corporate Adviser
St Helens Capital Partners LLP
Duncan Vasey or Mark Anwyl
Telephone: +44 20 7368 6959

Contact Information

  • Frontier Resources International plc