Apr 20, 2010
2009 Financial Results
International Frontier Resources Corporation ("IFR" or the "Company") announced today its financial results for the twelve month period ending December 31, 2009.
The Company recorded a net loss for the period of $14,713,450 ($0.25 per share) as compared with a net loss of $4,160,220 ($0.07 per share) for the period ending December 31, 2008. The net loss in 2009 was principally due to an impairment charge of petroleum and natural gas assets of $8,584,490 for dry-hole costs in the Central Mackenzie Valley NWT, a net loss of $3,709,005 from discontinued operations of the Company's U.K. subsidiary, Britcana Energy Ltd. and an impairment charge of $3,228,570 for U.K. properties.
The Company also reports that the previously announced sale of Britcana Energy Ltd. and U.K. License P.233 (block 15/18a) was closed on April 13th, 2010 net proceeds for the two sales was $3,789,760. At April 20th, 2010 the Company has working capital is approximately $7,630,000, restricted cash securing work deposits in the Northwest Territories of $640,670, no debt and 59,578,965 shares outstanding (63,473,965 fully diluted).
The Company's December 31, 2009 audited financial statement, management's discussion and analysis and annual information form have been filed on Sedar.
International Frontier is engaged in the exploration for and development of oil and natural gas reserves in the Northwest Territories, Canada. The Company holds an interest in 735,000 gross acres (133,830 net acres) located in the Central Mackenzie Valley, NWT. The Company's shares are listed on the TSX-V trading under the symbol IFR.
For information on IFR visit www.internationalfrontier.com
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." This news release includes forward looking statements for which the Company seeks Safe Harbor.
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