Oct 08, 2004
Calgary, October 8, 2004 -- International Frontier Resources Corporation ("IFR -- TSX-V") today reported on the Company's progress on its Northwest Territories exploration program and preliminary results for the Company's oil production enhancement pilot projects in Southern Alberta.
Central Mackenzie Valley, NWT (5% to 10.875% interest)
A 200 kilometer 2D seismic program covering EL-397 (5%), EL-416 (7.65%) and TDL Freehold parcel M-37 (5%) was completed in late September. The seismic survey covers prospect leads identified in previous 2D seismic surveys acquired by the consortium on joint lands. The seismic data is currently being processed by Veritas and will be available for interpretation in late October. The operator estimates costs for the program of approximately $8.7 million of which the Company's share is 6.26%.
Summit (Wilma) B-44 Production Testing
The Company executed an operations notice to participate for its 5% share of an extended production testing program on the Wilma Prospect -- Summit Creek B-44 well that was drill stem tested in March 2004. The program is designed to obtain extended flow rates, hydrocarbon type and reservoir pressures for one or more prospective horizons. The testing program will commence in early January 2005 and is projected to take 80 days to complete. The estimated cost for the production test is between $16.5 and $17.5 million.
The Company executed an authority for expenditure ("AFE") to participate for its 5% share of the cost to drill a 3,600 meter (11,650 feet) well on the Big Bear (Betty) prospect located on TDL Freehold parcel M-37. The Betty exploratory well will test three prospective formations and will take approximately 80 -- 90 days to drill, test, case or abandon. The well is scheduled to commence operations in early January 2005 and is estimated to cost between $18 and $19 million.
Drilling and testing equipment is currently being barged up the Mackenzie River and staged on the west side of the river so that construction of an 80 kilometer access road can begin when weather permits.
Sidox Pilot Projects (IFR -100% interest)
In June 2004 the Company commissioned a pilot project using the Sidox technology in five oil wells producing from the Mannville reservoir. Sidox is a low cost product developed to increase oil rates and decrease water cuts in sandstone oil reservoirs. Prior to treating the five wells with Sidox production in May and June averaged 34 BOPD with water cuts of 72%, after treating the five wells with Sidox production has averaged 73 BOPD with water cuts of 54% for July and August.
The Company applied Sidox in the Ferguson 9-12 well in late August. The 9-12 well produced 6 BOPD at a 92% water cut pre Sidox; post Sidox application production is averaging 10 BOPD with water cuts of 80%.
The Company plans to purchase additional oil wells producing from various formations to conduct further Sidox testing.
The Company's wholly owned subsidiary, Sidox Chemicals Canada Ltd, has the right to acquire a ten-year Exclusive Canadian License for the patented Sidox technology.
For additional information visit www.internationalfrontier.com or contact;
Pat Boswell Mark Powell
President & CEO or VP Exploration
403 215-2781 403 215-2783
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. This news release is not intended for distribution to US news wire services or for dissemination in the United States and does not constitute an offer of the securities described herein.
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