Oct 18, 2006
Lundin Petroleum Signs on to Operate two North Sea Exploration Wells
International Frontier Resources Corporation ("IFR"- TSX-V) is pleased to announce that Lundin Petroleum AB (Stockholm Stock Exchange "LUPE") has acquired a 30% interest, and operatorship, of North Sea License P. 1301, block 12/17b ("Ridgewood Prospect"). Britcana Energy Ltd, a wholly owned subsidiary of International Frontier, holds a 50% interest in block 12/17b. Britcana will assign a 15% working interest to Lundin. In addition Britcana has entered into farmin option agreements with two farminees, if the options are exercised the farminees will pay 30% of the cost to drill and test the Ridgewood # 1 well to earn a 20% working interest in License P.1301. Britcana will pay 15% of the well costs to retain a 25% interest in License P.1301.
Lundin have also acquired a 25% interest, and operatorship, of North Sea License P. 1129, blocks 41/10a, 41/5, 42/2a and 42/7 ("Lytham Prospect"). Britcana will pay 5% of the well costs to retain a 6.25% interest in License P. 1129. Lundin have contracted a rig to drill both the Lytham and Ridgewood prospects, drilling operations are scheduled to commence in Q3, 2007.
The Company also reported today that a 250 kilometer 2-D seismic program has been completed in the Central Mackenzie Valley, NWT. The seismic covers prospects identified in EL-397, EL-423 and EL-441, the exploration licenses are operated by Husky Oil Operations Ltd.
International Frontier explores in the Central Mackenzie Valley, Northwest Territories, Canada and in the U.K. North Sea. For additional information visit the Company's web site 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 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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