Oct 01, 2015
IFR Forms Strategic Mexican Joint Venture with Petrochemical Leader Grupo Idesa - Oil and Gas Projects to Target Energy Reform Onshore Blocks Round 1.3 -
International Frontier Resources Corporation ("IFR" or the "Company") on October 1st, is pleased to announce that it has entered into a strategic joint venture agreement with Grupo Idesa S.A. de CV ("IDESA"). The joint venture will allow for the evaluation and joint study of business opportunities in the Mexican oil and gas sector, in particular the first bidding round of the Onshore Blocks of the "Ronda 1" bidding process from the Mexican government.
IFR, through its Mexican subsidiary Petrofrontera, and IDESA have formed a 50/50 joint venture company in Mexico "Tonalli Energia, S.A.P.I de C.V."
Steve Hanson, President of IFR, commented: "This agreement and formation of Tonalli Energia represents a significant milestone for the company as we enter into the Mexican oil and gas industry with a world-class partner. We believe our combined strengths are complementary in the pursuit of opportunities and look forward to participating in the upcoming bid round with Grupo Idesa."
Patricio Gutierrez, Idesa's Delegate member of the board, remarked "The Energy Reform is a breakthrough in Mexican history that will bring important changes for the oil & gas industry including the petrochemical sector and we are proud to have an active participation in it. Tonalli Energia is the combination of IDESA's and IFR's knowledge and experience; therefore we are certain that this Joint Venture will succeed in the quest for opportunities that will eventually benefit the Mexican industry.
About Grupo Idesa
Grupo Idesa is one of the largest Petrochemical groups in Mexico, for over 55 years Grupo Idesa has produced and distributed different goods and services that provide products which are part of our daily lives. Grupo Idesa is integrated by four business segments---Petrochemicals, Distribution, Logistics and Construction Systems--- with national presence and international reach. The company employs around 1,500 people. In 2010, Grupo Idesa and the Brazilian petrochemical Braskem started a JV "Braskem Idesa", in order to construct the "Ethylene XXI" project and signed with Pemex an important ethane supply agreement. The project will begin operations in December 2015. Also Grupo Idesa is part of a JV with Evonik Industries to build and operate a 40Kton Sodium Cyanide facility that should start operations in August 2016. Grupo Idesa was founded in 1956 and has its headquarters in Mexico City. For additional information please visit www.grupoidesa.com or contact:
Diana Perez - Investor Relations
International Frontier Resources is a publicly traded company with interests in oil and gas resource projects in Canada and the United States. With projects located in the Northwest Territories, Southeast Alberta and in the Southern Alberta Basin, North West Montana, we are seeking to advance the development of our highly prospective, under explored regions. IFR through its Mexican subsidiary, Petro Frontera S.A.P.I de CV (Frontera) and strategic joint ventures is advancing the development of petroleum and natural gas assets in Mexico. The Company's shares are listed on the TSX-V trading under the symbol IFR. For additional information please visit www.internationalfrontier.com or contact:
Tony Kinnon -- VP Corporate Development
Steve Hanson - President
"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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