International Frontier Resources Corporation (“IFR” or the “Company”) today reported its financial
results for the period ended September 30, 2014.
The Company recorded a consolidated net loss of $40,175 ($0.001 per share) compared to a consolidated net loss of $29,025 ($0.001 per share) for the period ended September 30, 2013. In the third quarter oil revenue, net of royalties, was $262,305 compared to $241,035 in Q3, 2013. For the nine – month-period ended September 30, 2014 oil revenue, net of royalties, was $754,480 compared to $610,645 in Q3, 2013. At September 30, 2014 cash and cash equivalents were $2,727,730 and working capital was positive $2,545,905. The financial statements and accompanying Management Discussion and Analysis can be found on SEDAR and on the Company’s website.
The Company’s acreage portfolio in the central Mackenzie Valley, NWT includes three Significant Discovery Licenses, one Exploration License and three freehold parcels which in aggregate total 174,610 net acres. The Company’s acreage is located in the southwest quadrant of the Devonian shale basin in which major E&P companies are conducting exploration programs to assess the potential of the Canol and Bluefish shale’s.
The Company (100%) operates five oil wells and a battery in the Alderson area of southeast Alberta. To date five horizontal wells have been drilled on lands adjoining IFR’s acreage. Initial production rates for the five wells averaged 50 m3/day (315 bopd) in the first 90 days and 45 m3/day (280 bopd) over a 180-day period. The Company plans to drill a horizontal-multi-stage-fracked well in 2015.
In northwest Montana IFR owns mineral titles covering 15,200 net fee acres. The acreage is located on the south end of a tight-oil play (“Southern Alberta Basin”) currently being explored and developed north of the Montana border in southwest Alberta.
The Company’s shares are listed on the TSX Venture Exchange trading under the symbol “IFR”; for additional information please visit www.internationalfrontier.com or contact:
Steve Hanson – President (778-588-0802)
Pat Boswell – CEO (403-215-2781)
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility or accuracy of this release”. The Company seeks Safe Harbor.