International Frontier Resources Corporation (“IFR” or the “Company”) today reported its financial results for the period ended June 30, 2014.
The Company recorded a consolidated net loss of $175,325 ($0.003 per share) compared to a consolidated net loss of $38,335 ($0.001 per share) for the period ended June 30, 2013. Included in the June 30, 2014 net loss are mainly the result of non-cash charges for stock based compensation costs of $93,755 recorded in Q2, 2014 as a result of the issuance of stock options in the period and work-over costs incurred in the Alderson oil property. In the second quarter oil revenue, net of royalties, was $237,215 compared to $189,595 in Q2, 2013. For the six-month period ended June 30, 2014 oil revenue, net of royalties, was $474,155 versus $356,515 at June 30, 2013. At June 30, 2014 cash and cash equivalents were $2,697,640 and working capital was positive $2,561,830. The financial statements and accompanying Management Discussion and Analysis can be found on SEDAR and on the Company’s website.
The Company has an interest in 174,610 net acres located in the Tulita - Sahtu region of the central Mackenzie Valley, NWT where ConocoPhillips Canada and Husky Oil are conducting exploration programs in an emerging resource play that is evaluating the production potential of the Canol and Hare- Indian shale.
In northwest Montana IFR owns mineral titles covering 15,200 net fee acres. The fee acreage is located on the south end of a tight-oil play currently being developed in southwest Alberta by DeeThree Exploration Ltd. in the Ferguson area, LGX Oil and Gas Inc. on the Blood Reserve and Torc Oil and Gas Ltd. in the Monarch area.
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 Email: Or: Pat Boswell – CEO Email:
“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.
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