Oct 09, 2007
Exploration Program Update
International Frontier Resources Corporation ("IFR"- TSX-V) provides the following update on the Company's exploration programs in the Central Mackenzie Valley, NWT and in the UK sector of the North Sea.
Central Mackenzie Valley, NWT
The Company has agreed to increase its interest in a two well drilling program located on EL-423 in the Summit - Keele area. The first well, Haywood B-20, will evaluate prospects identified in Devonian and Silurian aged reservoirs. IFR has increased their working interest from 5% to 15% for all of EL-423. The second well, Cloverleaf L-52 will evaluate an oil prospect identified in the upper Cretaceous. The Company has a 15% working interest in this well. The drilling of the two wells will fulfill the work commitment on EL-423 and the license will be extended for a second term of four years. The wells are scheduled to commence drilling in Q1, 2008 Husky Oil Operations is operator of the project.
The operator, on behalf of partners, has filed a Significant Discovery Application ("SDA") with the National Energy Board covering the Stewart D-57 discovery located in the Summit-Keele project area. The Company anticipates a Significant Discovery License ("SDL") will be issued in Q1, 2008. The operator also plans to submit a Significant Discovery Application covering the Summit Creek B-44 discovery area prior to year end. The Summit Creek B-44 well production tested at combined rates of 20 MMCF/D and 6,000 barrels per day of 55 degree API oil from two intervals in the Devonian Formation.
The Company holds interests ranging from 5% to 25 % in four exploration licenses and eight freehold parcels in the Keele-Summit project area.
Colville Hills, NWT
A 200 kilometer 2D seismic survey has just been completed and the data is being interpreted to identify drilling location(s). The Company has budgeted for one well in Q1, 2009. BG International Ltd (75%) is the operator of the Colville Hills project. The Company holds a 25% interest in three exploration licenses in the area.
North Sea - UKCS
Ridgewood Prospect (block 12/17a)
The operator, Lundin Petroleum A.B., plans to commence drilling operations in late October or early November, 2007. The well will evaluate a prospect identified in the Upper Jurassic Volgian reservoir. If the Volgian yields commercial hydrocarbons the well will be deepened to evaluate a lower target in the Middle Jurassic Beatrice reservoir. The Company will pay 15% of the well costs to retain a 25% interest in the well and in block 12/17a.
Bowmore Prospects (Quad 15)
A 3D seismic survey was acquired in Q2, 2007 the data is currently being interpreted to identify drilling locations on the license. The work program bid for the Q15 blocks consists of two firm wells and two contingent wells plus seismic. The Company holds a 10% interest in the project and has budgeted for one well in 2008 and one well in 2009. Nippon Oil Exploration and Production U.K. Ltd. is the operator of the project area.
Laurel Valley Prospect (Quad 14)
In an effort to determine the prospectivity of the remaining acreage, the Company has agreed to participate for its 10.45% share of the cost to acquire an Electromagnetic (EM) survey on the license. If the ongoing modeling studies are shown to be effective and subject to weather and equipment availability, the survey will be shot in Q/4 2007. Oilexco North Sea Limited is operator of the project area.
The Company also advises that it does not have any funds invested in asset backed securities. At August 31, 2007 the Company's working capital position was approximately $32 million.
For additional information on the Company visit www.internationalfrontier.com or contact;
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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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