Mar 13, 2006
International Frontier Resources Corporation ("IFR" TSX-V) today announced that it's wholly owned U.K. subsidiary, Britcana Energy Ltd. has entered into an Agreement to participate for a 10% interest in a prospect generation joint venture covering the UK sector of the North Sea. Participants in the agreement are Exploration Geosciences Limited, Nippon Oil Exploration and Production U.K. Limited (30%), Hunt Petroleum UK Ltd. (30%) and Palace Exploration Company (30%). Nippon Oil has been appointed operator.
The companies have agreed to fund geological and geophysical costs to allow Exploration Geosciences to generate exploration opportunities in the North Sea. The term of the joint venture agreement is one year with an option to extend for a second year. The Company's participation in the joint venture is expected to yield a continuing flow of new opportunities.
The Company also reported today that it has exercised an option to increase its interest by an additional 25% interest in the Lytham St. Anne's Prospect located in the UK North Sea. As a result IFR and partners will fund 35% of the cost to drill, test, complete or abandon the Lytham #1 well to earn a 26.25% interest in License P. 1129 (blocks 41/10a,
41/5, 42/1, 42/2a and 42/7. The Company has also entered into agreements with two industry partners who have agreed to fund 30% of the well Lytham #1 well costs to earn 20% in License P. 1129.
For additional information visit the Company's web site www.internationalfrontier.com or contact:
Mark Powell VP Exploration
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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