Jun 21, 2004
SIDOX Pilot Project Commences
CALGARY, AB, June 21, 2004 - International Frontier Resources ("IFR" TSX-V) announces it has purchased an additional 20% interest in the Company operated Brooks oil property for a cash consideration of $273,780. With this acquisition the Company holds between 95% and 100% in six producing oil wells, three water disposal wells, three shut-in wells and related oil facilities.
A SIDOX pilot project will commence on the Brooks property on June 25th, 2004. SIDOX is a cost effective patented oil production enhancement and water reduction technology developed and successfully field tested in Russia. In field testing Russian operators reported daily oil rates increased on averaged 105% and water rates decreased on average 20% for a period of 150 days. The pilot project has been designed to provide production and reservoir data to confirm if the SIDOX technology is commercial in Canadian water wet oil reservoirs. International Frontier's wholly owned subsidiary, Sidox Chemicals Canada Ltd., has an option to acquire a 10-year Exclusive Canadian License for the SIDOX technology.
The Company also reported today the first tranche of a $4,800,000 private placement announced on May 17th, 2004 has closed resulting in the issuance of 2,250,000 units for proceeds of $1,800,000. A commission in the form of 225,000 common shares was paid to Canaccord Capital Corporation. The shares are restricted from trading for a period of four months.
For additional information visit the Company's web site www.internationalfrontier.com or contact:
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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