Mar 09, 2006
IFR increases interest in North Sea Prospect and update NWT drilling program
International Frontier Resources Corporation ("IFR" TSX-V) today announced it has exercised an option to increase its interest by an additional 30% in the Laurel Valley Prospect located in the UK North Sea. As a result IFR and partners will fund 45% of the cost to drill, test, complete or abandon the Laurel Valley #1 well to earn a 41.25% interest in license P. 1089 (blocks 14/28a & 14/29b) and license P. 1295 (block 14/23b). The Company has also entered into agreements with two industry partners who have agreed to pay 30% of the well costs to earn 21.25% in Licenses P. 1089 and P. 1295.
The operator is currently completing an offshore site survey and the location will be drill ready by the end of March. The Laurel Valley #1 well will evaluate a high risk - high impact exploration prospect with three prospective reservoirs.
The Company provides the following update on its two well drilling program located in the Central Mackenzie Valley, Northwest Territories. The Husky et al Stewart D-57 well has been drilled to total depth and evaluation is underway. The second well, Husky et al Summit Creek K-44, is currently drilling on its way to the primary reservoir objective. The operator plans to continue operations until March 30, 2006 at which time the rig will be released and equipment will be demobilized.
For additional information visit the Company's web site www.internationalfrontier.com or contact:
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