Nov 18, 2010
Third Quarter Results
International Frontier Resources Corporation ("IFR" TSX-V) announces financial results for the three and nine month periods ended September 30, 2010.
In the third quarter the Company incurred a net loss of $100,335 (nil per share) versus a net loss of $3,492,025 ($0.06 per share) at September 30, 2009. For the nine month periods ended September 30, 2010 and 2009 respectively the Company incurred losses of $1,029,375 ($0.02 per share) and $12,243,925 ($0.20 per share).
At September 30, 2010 working capital was $7,186,425 compared with $7,865,635 at December 31, 2009. In addition the Company has $640,670 in restricted cash that secures letters of credit lodged against work deposits on the Company's Northwest Territories exploration licenses.
International Frontier has been actively engaged in exploring for hydrocarbons in the Central Mackenzie Valley, Northwest Territories. To date the Company has participated in nine explorations wells and eight seismic surveys, the gross cost of which has been approximately $165 million, $28 million net to IFR. The Company holds an interest in three significant discovery licenses ("SDL") that encompass 27,000 gross-developed acres (42 sections) and in 687,000 gross-undeveloped acres (1073 sections). A resource report dated May 1, 2010 prepared by McDaniel's and Associates Consultants Ltd. assigns net contingent resources of 1.5 million barrels oil equivalent (best estimate 6:1 conversion) and 6.2 million barrels oil equivalent (high estimate 6:1 conversion) for the Company's interest in the three SDL's. The contingent resource estimates have been prepared in accordance with the Canadian standards set out in the Canadian Oil and Gas Evaluation Handbook (COGEH) and National Instrument NI 51-101.
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
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