Jun 11, 2003
Frontier Acquires Sidox Chemicals Canada and Announces Private Placement
International Frontier Resources Corporation ("the company") reports that the TSX Venture Exchange has approved the acquisition of all of the issued and outstanding common shares of Sidox Chemicals Canada Ltd. from Devon Investments Ltd. subject to the company obtaining shareholder approval at it's June 26th, 2003 annual and special general meeting. The consideration paid by the company for the shares of Sidox Canada is the issuance of 2,000,000 warrants to Devon Investments Ltd., each warrant entitles Devon to acquire one common share at $0.25 per share until June 10th, 2005 and at $0.30 per share until June 10th, 2006. The warrants can only be exercised if Sidox Canada acquires a 10-year Exclusive License for SIDOX in Canada and if the wells in which the company holds an interest in achieve a minimum 25% BOPD increase for a period of 100 days after the application of SIDOX.
SIDOX is a relative permeability modifier that enhances oil production and reduces water cuts in water wet sandstone reservoirs. The company's joint venture partner, Enhanced Recovery Systems Ltd. ("ERS") of London England hold an International Patent on the chemical compound SIDOX. The Sidox production technology was successfully tested in a 12-well pilot project that yielded average post treatment production increases of 100% for an average period of five months. The company and ERS have formed a joint venture to conduct a SIDOX pilot project in Canada that is scheduled to commence in the fourth quarter 2003.
International Frontier is a junior oil and gas company listed on the TSX Venture Exchange trading under the symbol "IFR". For additional information contact Pat Boswell (403-215-2780) or Mark Powell (403-215-2783) or visit www.frontier-resources.com
For additional information contact:
Pat Boswell (403-215-2780) or Mark Powell (403-215-2783)
Phone: 403- 215-2780
Fax: 403- 215-2788
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
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