Mr. Earl Scott reports
PETROFRONTIER CORP. PROVIDES UPDATE ON RESEARCH & DEVELOPMENT TAX CLAIM
PetroFrontier Corp.'s wholly owned subsidiary, PetroFrontier (Australia) Pty. Ltd., has received $2,971,884 (Australian) in respect of research and development tax incentives from the Australian Taxation Office, plus accrued interest of $101,783. PetroFrontier's other wholly owned subsidiary, Texalta Australia Pty. Ltd., has also filed for a research and development tax incentive with the Australian Taxation Office in respect of the same project during the same time period as PetroFrontier Australia. Texalta could net up to $1,447,834 (Australian) as a result of its claim. The outcome of the Texalta tax filing is uncertain and is expected to be resolved prior to year-end.
We seek Safe Harbor.
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