Frontera Resources Regulatory News (FRR)

4 Jul 2005 07:00

Frontera Resources Corporation04 July 2005 Operations News Update. July 4, 2005 FRONTERA RESOURCES ANNOUNCES AWARD OF SEISMIC CONTRACT FOR 2005 GEOPHYSICAL PROGRAM IN GEORGIA Houston, Texas U.S.A. (July 4, 2005): Frontera Resources Corporation (LondonStock Exchange, AIM Market - Symbol: FRR), an independent oil & gas explorationcompany operating in the country of Georgia, today announced the award of acontract to Global Geophysical Services, Inc. of Houston, Texas. Under theterms of the approximate $4 million contract, Global will acquire in 2005 morethan 500 km of 2D seismic across several of Frontera's business units within itsonshore exploration and production operations in Georgia. Steve C. Nicandros, Frontera's Chairman and Chief Executive Officer, commented: "We are very pleased to be working with Global Geophysical. The scheduled 2005seismic acquisition program across our Taribani Field Unit, Basin Edge Play Unitand Mirzaani Field Area Exploration Unit will serve as the basis for our planneddrilling programs in each of these areas next year. These drilling programswill enable us to access the significant exploration and undeveloped fieldpotential associated with these areas that has been identified from ourextensive historical technical analysis." As a result of awarding this important contract, Frontera remains on schedulefor operations this year and within its projected 2005 work program and budget. About Frontera Frontera Resources Corporation is an independent Houston, Texas, U.S.A.- basedinternational oil and gas exploration and production company whose strategy isto identify and operate opportunities in emerging markets around the world. Frontera was admitted to the Alternative Investment Market, operated by theLondon Stock Exchange, on 14 March 2005. Frontera has operated in Georgia since 1997 where it holds a 100 per centworking interest in a production sharing agreement with the government ofGeorgia. This gives Frontera the exclusive right to explore for, develop andproduce oil and gas from a 5,060 square kilometer area in eastern Georgia knownas Block 12. For more information, please see www.fronteraresources.com . For more information regarding Global Geophysical Services, Inc., please seewww.globalgeophysical.com This release contains certain forward-looking statements, including, withoutlimitation, expectations, beliefs, plans and objectives regarding the potentialtransactions and ventures discussed in this release, as well as reserves andfuture production. Among the important factors that could cause actual resultsto differ materially from those indicated by such forward-looking statements arefuture exploration and development results, availability of needed equipment andpersonnel, fluctuations in oil and gas prices, general economic conditions andthe political situation in Georgia and neighboring countries. There is noassurance that Frontera's expectations will be realized, and actual results maydiffer materially from those expressed in the forward-looking statements. Enquiries Citigate Dewe Rogerson (+44 20 7638 9571) Martin Jackson This information is provided by RNS The company news service from the London Stock Exchange