International Frontier Resources Corporation

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Central Mackenzie Valley, NWT

Historical Summary


When a 10-year moratorium on oil and gas exploration was removed in 1987 IFR was the first junior oil & gas company to acquire an acreage position in the Central Mackenzie Valley, NWT ("CMV"). Our initial acreage position covered 280,000 acres, following our acreage acquisition farm-in agreements were entered into with Northrock Resources and Berkley Petroleum Corp under which a seismic survey and two exploration wells were drilled in 1999/2000. In subsequent years EOG Resources and Husky Oil joined our consortium and the consortium increased its acreage position to in excess of 2.1 million acres. To date IFR has participated in nine exploratory wildcat wells, three proprietary 2D seismic surveys and two large regional gravity surveys. All of the wells IFR participated in were drilled before horizontal-multi-stage-fracking technology.

In 2005 and 2006 we participated in the first two hydrocarbon discoveries in the CMV, the Summit Creek and Stewart Lake discoveries were the first hydrocarbon discoveries since the Norman Wells oilfield was discovered in 1920. As of January 1, 2015 the Norman Wells oilfield has produced in excess of 270 million barrels.

May 17, 2006 Husky Energy Announces Discovery in Northwest Territories HTML | PDF
October 12, 2005 Husky Energy Updates Plans for Summit Creek Discovery HTML | PDF

In 2007/2008 Canada's National Energy Board awarded Significant Discovery Licenses ("SDL") on the Summit Creek and Stewart Lake discovery areas. The SDL's cover an area of 11,380 acres and 9,620 acres for the Summit and Stewart respectively. The SDL acreage does not expire until all reserves are produced from the SDL areas. TDL freehold parcel M-38 is also mapped within the Stewart SDL area, the freehold parcel covers an area of 10,638 acres.

In a report dated November 2014 ("Assessment of Discovered Conventional Petroleum Resources in the North West Territories and Beaufort Sea") Canada's National Energy Board assigned the Summit and Stewart the following gross resource estimates;

SDL
 
 
Initial
Marketable Gas
P-50 BCF
Initial
Marketable Gas
P-90 BCF
Initial
Marketable Gas
Mean BCF
Initial
Marketable Gas
P-90 BCF
Summit

Condensate MMBLS
233

11.5
143

7.0
157

7.77
353

17.9
Stewart 152 97 126 232
Notes
      1) IFR holds 8.2112% in the Summit SDL and an estimate 16.50% in the Stewart SDL