CALGARY, ALBERTA – (May 31, 2025) – PetroFrontier Corp. (TSXV: PFC) is announcing further delays in the filing of its financial statements, a move that’s raising eyebrows in the junior energy sector. This follows previous announcements regarding a cease trade order issued by the Alberta Securities Commission (ASC) due to delays in the annual filings for the year ended December 31, 2024. The company cited ongoing issues in receiving necessary financial data from the general partner of its limited partnership investment, impacting the auditor’s ability to complete the audit.
PetroFrontier now anticipates filing these “Annual Filings” – which include financial statements, management’s discussion and analysis, and CEO/CFO certifications – on or before June 26, 2025. Adding to the concern, the company also disclosed that its interim financial statements for the quarter ending March 31, 2025, or “Q1 Filings,” won’t meet the May 30 deadline. The revised target for these filings is now on or before July 10, 2025. The company has applied for an extension to the existing Management Cease Trade Order (MCTO), but there’s no guarantee it will be granted.
The company’s CEO and CFO are currently barred from trading PetroFrontier securities until the Q1 filings are completed. Despite these challenges, PetroFrontier maintains that, outside of the previously disclosed information, there’s no other material information that hasn’t been generally released. In the meantime, as per regulations, the company will continue to provide biweekly default status reports to keep investors informed.
A Brief Look at PetroFrontier
As a junior energy player, PetroFrontier’s focus lies on developing two Mannville heavy oil plays in Alberta’s Cold Lake and Wabasca regions. The company’s shares trade on the TSX Venture Exchange under the ticker “PFC.”
Forward-Looking Statements: Navigating Potential Headwinds
This announcement contains “forward-looking information,” as defined by securities regulations. These statements, which often use terms like “will,” “expects,” and “anticipates,” address future events, plans, and goals. However, such statements are inherently uncertain and subject to risks. Key among these risks are potential further delays in filing the Annual and Q1 Filings, which could impact the company’s standing on the exchange if the MCTO isn’t addressed.
Investors considering PetroFrontier should carefully review the risks outlined in the Company’s Management’s Discussion & Analysis for the nine months ended September 30, 2024, as well the other public filings available on SEDAR+ at www.sedarplus.ca.
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