International Frontier Resources Corporation
TSX VENTURE : IFR

International Frontier Resources Corporation

December 02, 2014 11:22 ET

International Frontier Resources Corporation: Canadian National Energy Board Assessment Increases Oil and Gas Resources in NWT

CALGARY, ALBERTA--(Marketwired - Dec. 2, 2014) - International Frontier Resources Corporation ("IFR" or the "Company") (TSX VENTURE:IFR) today announced that in a report dated November 25, 2014 the Canadian National Energy Board ("NEB") increased the overall resource assessment for the Northwest Territories ("NWT") discovered conventional petroleum resource volumes to:

  • 16.4 TCF of marketable natural gas
  • 1227.8 million barrels of crude oil; and
  • 53.3 million barrels of natural gas liquids

The report is the first of its kind - compiling the data of the discovered petroleum resources in the NWT Mainland, NWT Arctic Islands and the Beaufort Sea into one report. The report includes a number of natural gas discoveries made in the NWT since 1999. In 2004 and in 2006 IFR participated in two discoveries in the Sahtu region of the central Mackenzie Valley, the new NEB report assigns the Summit Creek and Stewart Significant Discovery Licenses ("SDL") the following gross resources;

Summit Creek SDL P90 P50 P10
BCF 143 233 353
MMB Condensate 44 72 112
Stewart SDL
BCF 97 152 232
IFR net MMBOE 8 13 21

MMB = Million barrels - MMBOE @ 6:1 conversion

The NEB did not establish economic criteria related to the development of conventional resources nor did it assess unconventional resources in the NWT.

International Frontier commissioned McDaniel & Associates Consultants Ltd. to do a detailed analysis of the prospective unconventional Devonian and Cretaceous shale formations in ten wells located on, or in close proximity to, IFR's acreage. The report dated November 2014 assigns preliminary estimated average volumes of undiscovered original oil in place (OOIP) and recoverable OOIP within the Canol and Bluefish Devonian Formations for wells J-65, L-71, K-44, B-20, D-57, H-64 and B-09 in the Mackenzie Plain as follows;

Canol OOIP Recoverable
MMBLS/640 acres 120 6
Bluefish
MMBLS/640 acres 40 2

Undiscovered shale oil initially in place is that quantity of petroleum that is estimated, as of, January 1, 2014 to be contained in accumulations yet to be discovered.

The McDaniel report included a cursory review of Cretaceous Age Formations that are also prospective in the region however the report did not assign resource estimates.

About IFR:

IFR holds an interest in three Significant Discovery Licenses, one Exploration License and in three freehold parcels in the Sahtu area of the central Mackenzie Valley, NWT encompassing 174,610 net acres.

The Company (100%) operates five oil wells and an oil battery in the Alderson area of southeast Alberta and 15,500 net acres ( 100% - Fee Acreage) in northwest Montana, USA.

IFR's shares are listed on the TSX Venture Exchange trading under the symbol "IFR"; for additional information please visit www.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.

Contact Information

  • International Frontier Resources Corporation
    Steve Hanson
    President
    (778-588-0802)

    International Frontier Resources Corporation
    Pat Boswell
    CEO
    (403-215-2781)
    www.internationalfrontier.com