Apr 02, 2004
Debenture Over Subscribed
CALGARY, AB, April 1, 2004 - International Frontier Resources ("IFR" TSX-V) reported today that the Company's $1,000,000 debenture issue was over subscribed. The Company plans to allocate the private placement on a pro-rata basis.
Proceeds from the debenture, together with working capital of approximately $1.2 million, will be used to acquire the Brooks and Ferguson oil properties announced on April 1, 2004, and to fund future exploration in the Central Mackenzie Valley, Northwest Territories.
The Company acquired its first NWT Exploration License (100%) in 1997, following which IFR entered into a Freehold Lease Agreement, Access and Benefits Plan with the Sahtu Tulita District First Nations. Through a series of farmouts, and joint venture financing agreements, a consortium consisting of four major oil and gas companies and one TSX-V listed company was formed. To date, the consortium has spent approximately $45 million in exploration expenditures on consortium lands that encompass approximately 1,000,000 acres. As a result of various earning agreements the Company's NWT interests are as follows:
EL-397 (342,000 acres) - 5%, IFR paid 1% of Summit Creek B-44 well cost to retain 5%
EL-416 (199,000 acres) - 7.65% west license adjoining EL-397
EL-391 (82,000 acres) - 10.875% north license adjoining EL-397
EL-401 (326,000 acres) - 3.10% license 20 kms west of Norman Wells
TDL Freehold (55,000 acres) - 3.1% to 10.875%, 10 parcels within area
The Company's shares are listed on the TSX Venture Exchange trading under the symbol IFR; the Company has 16,044,918 common shares issued.
For additional information visit the Company's website at 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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