TSX-V: IFR | OTCQB: IFRTF
International Frontier Resources Corporation

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Nov 29, 2016

Third Quarter 2016 Results



Calgary, Alberta - November 29, 2016 - International Frontier Resources Corporation ("IFR" or the "Company") (TSX-V: IFR) (OTCQB: IFRTF) today reported results for the three and nine months ended September 30, 2016.

In the third quarter, the Company recorded a loss of $1,561,180 ($0.02 per share) versus a loss of $984,365 ($0.01 per share) in the comparable 2015 period. For the nine-month period ended September 30, 2016, net oil revenue was $213,915 versus $345,410 at September 30, 2015. Revenue in the period was down as a result of lower oil production and lower oil prices, $36.23 per barrel for the nine months ended September 30, 2016 versus $45.31 for the comparable period in 2015.

At September 30, 2016, cash and cash equivalents were $2,928,340 and working capital was $2,781,185.

Recent Corporate Highlights
  • September 26, 2016 - IFR announced that field development planning had commenced at the onshore oil and gas development Block 24 ("Tecolutla"), which is owned by Mexican company Tonalli Energia ("Tonalli"). Ownership of Tonalli is split equally between IFR and Grupo Idesa. Planning underway at Tecolutla includes additional geological and geophysical evaluation, social and environmental baseline studies, well workover programming, horizontal well planning, production facility design and permitting.

  • August 25, 2016 - IFR announced that its joint venture company, Tonalli Energia ("Tonalli"), met all the terms and conditions and signed a license contract with the Mexico Comision Nacional de Hidrocarburos (CNH) for the onshore oil and gas development Block 24 ("Tecolutla"), granting Tonalli the right to develop and produce hydrocarbons.
The Company's financial statements and related management discussion and analysis have been filed on SEDAR and posted on the Company's website.

About International Frontier Resources

International Frontier Resources Corporation (IFR) is a Canadian publicly traded company with a demonstrated track record of advancing oil and gas projects. Through its Mexican subsidiary, Petro Frontera S.A.P.I de CV (Frontera) and strategic joint ventures, it is advancing the development of petroleum and natural gas assets in Mexico. The Company also has projects in Canada and the United States, including the Northwest Territories, Alberta and Montana.

The Company's shares are listed on the TSX Venture, trading under the symbol IFR and on the OTCQB under the symbol IFRTF. For additional information please visit www.internationalfrontier.com.

FOR FURTHER INFORMATION

Steve Hanson - President and CEO
(403) 618-7346
shanson@internationalfrontier.com

or Tony Kinnon - Chairman
(403) 607-6591
tkinnon@internationalfrontier.com

"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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