Dec 22, 2003
International Frontier Announces Northwest Territories Partner
CALGARY, AB, December 22, 2003 - International Frontier (TSX-V:IFR) today announced that the Company and other members of the Northwest Territories consortium have signed a farmin agreement with Husky Oil Operations Limited. Pursuant to the agreement, Husky will participate for 32.50% of the cost to drill, test, case, or abandon the Wilma Summit Creek B-44 exploration well located on EL-397 in the Central Mackenzie Valley, Northwest Territories. The operator of the B-44 well is Northrock Resources Ltd. (a wholly owned subsidiary of Unocal Oil) other participants include EOG Resources Canada Inc., Pacific Rodera Inc., and International Frontier Resources Corporation. The Wilma Summit Creek B-44 well will be drilled to a depth of 3000 meters at an expected cost of $18 million. Road and lease construction is already underway and the well is expected to commence drilling in early January 2004 -- subject to weather conditions.
The Company also announced today that, subject to TSX-V Exchange approval, it has reserved 1,200,000 stock options to be issued pursuant to the Company's stock option plan. The options are exercisable for a 5 year period at a price of $0.45 per share.
International Frontier Resources Corporation is a junior oil & gas company listed on the TSX Venture Exchange trading under the symbol IFR. The company has an interest in over 1 million acres in the Northwest Territories and holds the Canadian rights for SIDOXTM, a patented oil production enhancement technology.
For additional information visit www.frontier-resources.com or contact:
PAT BOSWELL MARK POWELL
President VP Exploration
403 215-2780 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 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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