Jan 14, 2008
Three high-impact exploration wells scheduled for Q1/08
International Frontier Resources Corporation ("IFR" TSX-V) today announced that the Company is participating in two high-impact exploration wells in the Central Mackenzie Valley, NWT and one well in the UK sector of the North Sea.
In the Keele -- Summit prospect area, located in the Central Mackenzie Valley NWT, the Company is participating for a 15% interest in the drilling of a 2,580 meter (8,460 feet) exploration well. The Dahadinni B-20 well will evaluate prospects identified in the Devonian and Silurian Formations in a large un-drilled structure. The structure, which has been mapped using proprietary 2D seismic, is approximately two times the size of the Summit structure where the Summit Creek B-44 well production tested approximately 20 MMCF/D and 6,300 barrels of light oil/condensate. The drilling of the B-20 well will fulfill a $26.5 million work commitment on EL-423 and the licence will be extended for a second term of four years.
A second well will also be drilled on EL-423; the Keele River L-52 well will evaluate a shallow 830 meter (2,700 feet) Cretaceous oil prospect. The Company holds a 15% interest in the L-52 well.
The operator is completing construction of ice bridges across the Mackenzie and Keele Rivers, surface drilling locations, and a 70 kilometer ice road into EL-423. The first well, Dahadinni B-20, is scheduled to commence drilling in early February. In mid-late February a smaller single rig will be mobilized from Alberta to drill the second well Keele River L-52.
In the Colville Hills NWT area the Company acquired 2D seismic in Q3, 2007 and plans to acquire additional seismic in the area to mature drilling locations. The Company holds a 25% interest in three exploration licenses covering an area of approximately 575,000 gross acres.
Britcana Energy Ltd, a wholly owned UK subsidiary of IFR, will participate in the drilling of a well in UKCS Licence P.233, Block 15/18a to test the "Maria" prospect. The well, to be operated by Petro-Canada UK, will be drilled with the GSF Artic 111 semi-submersible with operations due to commence on or before January 20, 2008. Britcana will pay 11.11% of the cost to drill and, if required, conduct DST operations to earn an 8.33% interest in Licence P. 233, Block 15/18a. The Company has identified three additional prospects/leads in the block that require new 3D seismic to mature to drill ready status.
International Frontier is a junior oil & gas exploration Company listed on the TSX-V Exchange. The Company holds varying interests in 1.2 million gross acres in the Keele Summit area of the Central Mackenzie Valley and a 25% interest in 575,000 acres in the Colville Hills area NWT. In the UK sector of the North Sea the Company's wholly owned subsidiary, Britcana Energy Ltd., holds an interest in seven North Sea Licences covering ten North Sea blocks.
For additional information on the Company 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. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
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