May 28, 2009
IFR announces Q1, 2009 Financial Results and spudding of North Sea exploration/appraisal well
International Frontier Resources Corporation ("IFR" - TSX-V) today reported a net loss for the first quarter 2009 of $104,585 ($0.02 per share). Revenue in the period was $133,575 and expenses in the period were $238,160 versus revenue in the first quarter of 2008 of $590,920 and expenses of $388,360 for a profit of $202,620 ($0.03 per share). Oil price realized in Q1, 2009 was $44.94/bbl versus $76.19/bbl in Q1, 2008. At March 31, 2009 the Company had working capital of $10,239,230. Copies of the first quarter financial statements and MD&A have been filed on Sedar.
The Company also reported today that Nippon Oil Exploration & Production U.K. Limited, are preparing to commence drilling operations on the 15/24a-J well, located in the U.K. sector of the Central North Sea. The well will appraise the Claymore, Piper and Galley sandstones in the Alpha prospect. Operations are scheduled to commence in early June using the Ocean Guardian semisubmersible rig. The well has been designed and will be drilled as a High Pressure High Temperature (HTHP) well. The well is targeting a total depth of 14,500 feet (TVDSS), drilling time through coring and logging is estimated at 60-days. Well costs, excluding testing costs, are estimated in the GBP 27 million (C$48.2 million) to GBP 30 million (C$53.5 million) range. In the event the well is production tested additional costs of approximately GBP 8 million (C$14.3 million) are projected. The 15/24a-J well will appraise the 15/24a-4 discovery well that tested 11 MMCF/D and 3,024 barrels of condensate per day. The Company's wholly owned UK subsidiary, Britcana Energy Ltd. holds a 10% interest in UKCS License P.1465. Britcana is currently seeking a partner to participate for 50% of its 10% interest in the 15/24a-J well.
International Frontier is a junior oil and gas exploration company exploring in the Northwest Territories, Canada and in the U.K. sector of the North Sea. For additional information please visit www.internationalfrontier.com or contact;
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