TSX-V: IFR | OTCQB: IFRTF
International Frontier Resources Corporation

News

Show printable version of 'North Sea Sales Completed' in a New Window

News Releases

 
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;

  • An initial consideration of US$3,000,000 (plus a minor adjustment for inventory);

  • US$1,000,000 on approval by the UK Department of Energy and Climate Change of a Field Development Plan for a joint or unitised development of the Bugle Field between the licensees of UKCS block 15/23c (P.1465) and block 15/23d (P.815); and

  • US$1,000,000 on the sale of first hydrocarbons attributed to Britcana's participation in a joint or unitised development of blocks 15/23c and 15/23d.
Britcana Energy Ltd. holds a ten (10%) interest in UKCS License P.1465, the license covers blocks 15/23c, 15/24a, 15/28a and 15/29e. Nexen is the operator of a joint well that is currently drilling on block 15/23d (P.815), Britcana is participating for a 5% interest in the well.
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;

Pat Boswell
President
403-215-2781

"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.
 
 

You can return to the main News Releases page, or press the Back button on your browser.