Mar 11, 2011
Mackenzie Pipeline Approved
International Frontier Resources Corporation ("IFR or the Company") reported today that the National Energy Board has received approval from the federal cabinet to issue a Certificate of Public Convenience and Necessity for the 1,196-kilometer long Mackenzie Valley Pipeline. The Mackenzie Valley Pipeline would run from the Beaufort Sea to Northwest Alberta, and is designed to carry up to 1.2 billion cubic feet of natural gas per day.
The proponents for the project are Imperial Oil Resources Venture Limited, the Mackenzie Valley Aboriginal Pipeline Limited Partnership, ConocoPhilips Canada (North) Limited, Shell Canada Limited and ExxonMobil Canada Properties. The proponents have until 2013 to advise the National Energy Board of their intent to construct the pipeline.
Commenting on the pipeline approval, company President Pat Boswell said, "this long awaited decision is a major step forward, if the pipeline is constructed it will open up the area for future exploration in this under-explored hydrocarbon province. If the Federal Government wants to achieve their vision for Canadian sovereignty of Canada's Arctic and to promote economic and social development in northern Canada then it would seem logical that the Government should meet with the pipeline proponents to agree fiscal arrangements that will allow the pipeline to be constructed. Northern Canada is host to significant natural resources, in both the mining and oil & gas sectors, but the area lacks infrastructure to develop these resources in an economic fashion and this needs to be addressed by the Government for the betterment of the Canadian economy."
The Company also reported today that it will not be proceeding with its private placement that was announced on February 25th, 2011.
The company's shares are listed on the TSX-V trading under the symbol IFR, for additional information on the company please visit www.internationalfrontier.com or contact;
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." The Company seeks Safe Harbor.
You can return to the main News Releases page, or press the Back button on your browser.