Aug 28, 2009
International Frontier Resources Corporation: Q2 Financial and Bowmore Results
International Frontier Resources Corporation ("IFR" - TSX-V) has released interim operating and financial results for the quarter ended June 30, 2009.
The net loss for the quarter ended June 30, 2009 was $3,669,915 ($0.06 per share) compared with a loss of $1,530,495 ($0.03 per share) for the three months ended June 30, 2008. For the six months ended June 30, 2009, a net loss of $3,774,500 ($0.06 per share) was recorded compared with a loss of $1,327,875 ($0.02 per share) for the six months ended June 30, 2008. The loss for the six month period ending June 30, 2009 is attributed to property impairment charges of $2,966,540.
Cash and cash equivalents at June 30, 2009 were $8,115,625 compared with $9,605,300 at December 31, 2008 and $10,094,755 at June 30th, 2008. Capital expenditures in the six month period were $550,775 compared with $12,549,095 during the first six months of June 2008. Capital expenditures during the first half 2009 are comprised of $487,920 in the U.K. sector of the North Sea and $62,855 in the Central Mackenzie Valley, NWT. Net revenue for the six month period ending June 30, 2009 was $141,515.
Subsequent to June 30, 2009 the company's wholly owned U.K. subsidiary, Britcana Energy Ltd., participated for a 10% working interest in the Bowmore-Alpha 15/24a-9 well located in the Outer Moray Firth area of the Central North Sea. The well has reached its total depth having penetrated its primary target horizons in the Upper Jurassic. The well has been suspended pending further evaluation.
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;
Vice President Exploration
"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."
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