Mar 29, 2010
North Sea Sales Completed
International Frontier Resources Corporation ("IFR" or the "Company" -- TSX-V) reports that further to its news release dated February 23, 2010 the Company has now signed formal agreements to sell 100% of the issued share capital in the Company's wholly owned U.K. subsidiary, Britcana Energy Ltd, to Nexen Petroleum UK Limited. The purchase price for the shares will be USD$5,000,000 comprised of;
The Company also reported today that it has agreed to sell Britcana's 8.33% interest in UKCS License P.233 (block 15/18a) to a UK based operator for a consideration of US$650,000 (plus a minor adjustment for inventory).
The two sales are scheduled to close in early April, 2010.
The Company will use the North Sea sale proceeds together with its current working capital of C$3,850,000 for continued operations in the Central Mackenzie Valley, Northwest Territories and for new ventures.
For additional information 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." This news release includes forward looking statements for which the Company seeks Safe Harbor.
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