May 20, 2010
Financial Results for the three month period ended March 31, 2010
International Frontier Resources Corporation ("IFR" or "Company") today released financial results for the three month period ended March 31, 2010.
The net loss for the period was $270,115 ($0.005 per share) compared with a loss of $2,178,495 ($0.04 per share) for the period ending March 31, 2009. The net loss for the first quarter 2010 is comprised of $165,860 from continued operations and $104,255 from discontinued operations in the North Sea.
Working capital at March 31, 2010 was $7,646,280 compared with $9,529,925 at March 31, 2009. Restricted cash securing letters of credit for work programs in the Central Mackenzie Valley, Northwest Territories at March 31, 2010 were $640,670. Net oil revenue in the first quarter was $148,225 versus $110,835 at March 31, 2009.
The financial statements and accompanying management's discussion and analysis have been filed on Sedar and will also available on the Company's website.
International Frontier is engaged in the exploration for and development of oil and natural gas reserves in the Northwest Territories, Canada. The Company holds an interest in 735,000 gross acres (133,830 net acres) located in the Central Mackenzie Valley, NWT. The Company's shares are listed on the TSX-V trading under the symbol IFR.
For additional information on IFR visit www.internationalfrontier.com
"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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