International Frontier Resources Corporation

International Frontier Resources Corporation

April 30, 2007 17:12 ET

International Frontier Announces Year End Results

CALGARY, ALBERTA--(CCNMatthews - April 30, 2007) - International Frontier Resources Corporation (TSX VENTURE:IFR) ("IFR") today announces 2006 results and annual filings under National Instrument 51-101 Standards of Disclosure for oil and gas activities.

The net loss for the year was $1,229,645 ($0.03 per common share) compared with $1,837,235 ($0.05 per common share) in 2005. Net oil revenue in the year was $746,365 compared with $656,080 in 2005. Capital spending in 2006 was $6.4 million compared with $2.8 million in 2005. Working capital at December 31, 2006 was $11.3 million compared with $14.7 million at December 31, 2005.

Highlights in the year include the following;

- Successful exploration gas well drilled on the Stewart D-57 prospect located in the Summit - Keele project area, Central Mackenzie Valley, NWT.

- New license (EL-441) acquired in the Summit - Keele project area. The Company holds interests ranging from 5% to 16.11% in three licenses and nine freehold parcels encompassing 870,000 gross acres (56,000 net acres).

- $10 million 2D seismic program acquired at Summit - Keele, seismic data confirmed drilling locations for Q1/08 and additional prospect leads.

- 1040 square kilometer gravity survey shot on two licenses (25%) located in the Colville Hills area, NWT.

- Three UKCS farm-out agreements executed whereby IFR receives carried interests in three exploration wells to be drilled in 2007.

- GSF Galaxy 11 jack-up rig contracted for second-half 2007 to drill Ridgewood (25%) and Lytham (6.25%) U.K. exploration wells.

- Subsequent to year-end the Company (10%) was awarded a UKCS License (Bowmore Prospects) at the 24th licensing round. The Company holds working interests in seven licenses covering fourteen North Sea Blocks.

- Subsequent to year end the Company completed a $22 million financing.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. This news release is not intended for distribution to US news wire services or for dissemination in the United States and does not constitute an offer of the securities described herein.

Contact Information

  • International Frontier Resources Corporation
    Pat Boswell
    (403) 215-2781
    International Frontier Resources Corporation
    Mark Powell
    VP Exploration
    (403) 215-2783
    (403) 215-2788 (FAX)