Dec 20, 2007
North Sea Drilling Plans Announced
International Frontier Resources Corporation ("IFR" TSX-V) as previously reported in a news release dated February 22, 2007 the Company's wholly owned UK subsidiary Britcana Energy Ltd. ("Britcana") is participating in the drilling of an exploration well to evaluate the Ridgewood prospect located in the Moray Firth area of the United Kingdom Continental Shelf ("UKCS"). Britcana is paying 15% of the well costs to retain a 25% interest in block 12/17b.
The 12/17b-1 well, which will commence drilling on December 21, 2007, is targeting Jurassic Volgian sandstones with an interpreted four-way dip closure covering an area of approximately 1,200 acres. The operator has assigned a potential resource of 41 million barrels of oil equivalent (gross unrisked). If commercial reserves are discovered in the Volgian the well maybe deepened to evaluate the lower Beatrice sandstone.
Lundin Petroleum AB (operator) has contracted the Global Santa Fe Galaxy 11 jack-up rig to drill the well, which is expected to take 28 days. The 12/17b-1 well is the first well of a three well UKCS drilling program in which Britcana will participate in 2008.
The Company also reported today that it has closed on a previously announced non-brokered private placement of 237,500 flow-through shares at a price of $0.80 per share. The shares issued are subject to a hold period which expires on April 20, 2008.
For additional information on the Company visit 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. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
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