April 23, 2009 (FinancialWire) — Frontier Energy Corp. (OTC: FRGY) has signed a letter of intent to form a joint venture with RJ Oil & Gas LLC, a private corporation located in Denver, CO.

The objective of the joint venture is rehabilitation, exploitation, optimization and further development of certain oil and gas properties located in Callahan County, Texas, in the vicinity of Abilene. For an investment of $250,000, Frontier has the right to earn a 49% working interest in three leases containing some 450 acres, 10 producing wells, 32 additional wells available to be returned to production, 4 injection wells and ancillary facilities and equipment.

The property also has potential for additional drilling in which Frontier will participate for its proportionate share. RJ will operate the leases. Frontier expects tol earn a proportionate share of any production in the joint venture.

Subject to Frontier’s satisfactory due diligence, expected to be completed by the end of April, the first stage of investment is the optimization of existing producing wells and the rehabilitation of another 10 wells. The drilling of one well, targeted for new oil, is planned as the second stage. Subsequent investments and developments will be based on results of the initial investment programs. Frontier is negotiating with certain funding sources to finance the $250,000 it is required to commit to earn in the joint venture, all of which are subject to certain terms and conditions including completion of satisfactory due diligence. Frontier intends to disclose details as developments occur.

Frontier Energy Corp. is a crude oil and natural gas exploration, development and production company with headquarters in North Las Vegas, Nevada.

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