International Frontier Resources Corporation

International Frontier Resources Corporation

February 23, 2010 10:00 ET

International Frontier Resources Corporation: North Sea Corporate Sale

CALGARY, ALBERTA--(Marketwire - Feb. 23, 2010) - International Frontier Resources Corporation ("IFR" or the "Company") (TSX VENTURE:IFR) reported today that the Company has entered into a Letter of Intent to sell 100% of the issued share capital of its wholly owned U.K. subsidiary, Britcana Energy Ltd, to a U.K. based international oil and gas company ("Purchaser"). The price for the shares will be five million US Dollars ($5,000,000) to be satisfied at the times and subject to satisfaction of the following conditions.

  1. Three million US Dollars ($3,000,000) on completion of the sale and purchase agreement.
  2. One million US Dollars ($1,000,000) on approval by the UK Department of Energy and Climate Change of a Field Development Plan for a joint or unitised development of the Bugle Field between the licensees of UKCS Block 15/23c (P.1465) and 15/23d (P.815); and
  3. One million US Dollars ($1,000,000) on the sale of the first lifting of hydrocarbons attributable to Britcana's participation in such a joint or unitised development.

The offer is conditional on IFR and the Purchaser entering into a mutually acceptable share purchase and sale agreement, certain warranties and financial information provided by the Company to the Purchaser. Closing is anticipated to occur on or before March 12th, 2010.

This news release includes forward looking statements for which the Company seeks Safe Harbor.

"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."

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