Dec 31, 2009
Joint Panel Report Backs Mackenzie Gas Pipeline
International Frontier Resources Corporation, (IFR ~ TSX-V) today reported that the Joint Review Panel ("JRP") report on the Mackenzie Gas Project ("MGP") was issued on December 30, 2009. The report concludes that the proposed gas pipeline should go forward as it "would deliver valuable and lasting overall benefits for a sustainable future for Northern Canada". The MGP as described in applications to the National Energy Board ("NEB") entails the construction of a 1220 kilometer pipeline connecting gas fields in the Mackenzie Delta and Central Mackenzie Valley to northern Alberta. The pipelines initial capacity would be 1.2 BCF/D; the pipeline is being designed for the possibility of future expansion to 1.8 BCF/D. The JRP report has been filed with the National Energy Board who are expected to make a decision on whether the MGP project can go forward by September 2010. A copy of the report can be obtained at www.ngps.nt.ca
The Company stated that the JRP report is an important step in opening up the potential of Canada's northern frontier hydrocarbon basins however there are still many hurdles to cross before construction of a pipeline begins. The Company has been exploring in the Central Mackenzie Valley ("CMV") for the last eight years having participated in nine exploratory wildcat wells. The exploration program has yielded one liquid rich gas discovery and one dry gas discovery. The results of the exploration campaign are very significant having proven that a new petroleum province exists south of Norman Wells. The Company holds an interest in three Significant Discovery Licenses, three Exploration Licenses and nine freehold leases in the CMV. The Company has identified a number of highly prospective prospects on its CMV acreage portfolio that encompasses approximately 600,000 gross acres.
The Company also reported today that it has agreed to sell its interest in UKCS License P.233 (block 15/18a) to a North Sea operator. The sale is subject to P. 233 licensees' right of first refusals which must be waived or exercised before January 15th, 2010.
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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