May 14, 2007
IFR increases acreage portfolio in the Central Mackenzie Valley, NWT
International Frontier Resources Corporation ("IFR") reported today the award of two Exploration Licenses at the annual licensing round in the Central Mackenzie Valley, Northwest Territories.
The Company (25%) and the operator (75%) of the Summit -- Keele NWT project were the successful bidders for EL-443. The license covers an area of 231,435 gross acres located on the south end of the Summit -- Keele project area where the Company has participated in two significant discovery wells. With the award of EL-443 IFR now holds an interest in four licenses and eight freehold leases encompassing 1.1 million gross acres, 113,858 net acres (4,400 sq. kms gross).
The Company also reported today that it has increased its interest from 5% to 11.50% in the Haywood Prospect located in EL-423, a license that adjoins EL-443. The Company will pay 11.50% of the cost to drill a 2,500 meter well; the N. Haywood B-20 well will test a Devonian target that has similar seismic characteristics to the Summit Creek B-44 discovery well that production tested approximately 20 MMCF/D and 6,200 BOPD of light oil. The B-20 well will also evaluate a second deeper Silurian target identified with proprietary 2D seismic. The operator plans to spud the well in January 2008.
In the Colville Hills area of the NWT the Company (25%) and BG International Limited (75%) a wholly owned subsidiary of BG Group plc, were awarded EL-445 at the 2006/07 licensing round. The newly acquired license adjoins EL-429 a license jointly held by IFR (25%) and BG (75%). With the award of EL-445 IFR now holds a 25% interest in three licenses covering 569,480 gross acres, 142,370 net acres in the Colville Hills area. This summer BG will operate a 200 kilometer 2D seismic survey on EL-429, the seismic data will be used to identify drilling locations for the Q1, 2009 winter drilling season.
International Frontier is a resource company exploring in Northwest Territories, Canada and in the U.K. sector of the North Sea. The Company's shares are listed on the TSX-V trading under the symbol "IFR". For additional information 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. 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. The Company seeks safe harbor.
You can return to the main News Releases page, or press the Back button on your browser.