International Frontier Resources Corporation

International Frontier Resources Corporation

May 29, 2012 13:58 ET

International Frontier Resources Corporation: First Quarter 2012 Results

CALGARY, ALBERTA--(Marketwire - May 29, 2012) -

International Frontier Resources Corporation (TSX VENTURE:IFR) ("the Company") today released results for the period ending March 31, 2012. In the period the Company recorded a net loss of $53,675 ($0.001 per share) versus a net loss of $132,955 in Q1, 2011. Revenue, net of royalties, was $229,850 compared with $132,040 in Q1, 2011. At March 31, 2012 cash and cash equivalents were $3,991,000 and working capital was $3,014,555.

The Company's project areas are located in N.W. Montana (Southern Alberta Basin tight-oil-plays) and in the Central Mackenzie Valley, NWT. A summary of industry activity in the period is as follows.

N.W. Montana

Glacier County Well Location Permit Depth Projected Proximity Well Status
Operator Date Feet Zone IFR land Direction May 2012
Newfield Anderson 1-10-37-10 19/1/12 12,381 Bakken 1.8 miles Horizontal Location
Rosetta Fort Peigan 16-13-34-8 31/1/12 9,976 Bakken .75 miles Horizontal Location
Anschutz Whitecalf 2-4-30-10 3/2/12 8,120 Sun River .75 miles Horizontal Location
Anschutz Flat Iron 1-8-32-12 21/2/12 8,900 Blackleaf 2 miles Vertical Drilling
Rosetta Little Rock Coulee 27-16-35-7 28/2/12 9,185 Bakken 3 miles Horizontal Drilling
Anschutz Pine Ridge 1-4-37-13 2/4/12 11,023 Potlach 1.2 miles Vertical Drilled
Anschutz Mallard 1-14-33-12 17/4/12 10,500 Cretaceous 1.6 miles Horizontal Drilled
Rosetta Little Rock Coulee 13-18-35-7 17/5/12 9,856 Bakken .5 miles Horizontal Location
Teton County
Primary Rockport 16-19-27-6 24/5/12 9,067 Potlach .5 miles Horizontal Drilling
Primary Spring Hill 14-34-27-6 24/5/12 8,216 Potlach .75 miles Horizontal Location

Source: Montana State web site

SW Alberta

Operator Wells W4M License Date Depth Meters Projected Zone Well Direction North of border
Connaught 13-8-1-21 24/1/12 3,014 Rundle Horizontal 2 miles
Crescent Pt. 13-11-2-20 3/2/12 2,900 Wabamun Horizontal 8 miles
DeeThree 5-22-3-17 24/2/12 5,055 Bakken Horizontal 16 miles
Shell 13-3-1-23 24/2/12 3,919 Wabamun Horizontal 1 mile
Crescent Pt. 13-24-2-21 1/3/12 4,000 Wabamun Horizontal 10 miles
DeeThree 13-22-3-17 15/3/12 4,305 Bakken Horizontal 17 miles
Gryphon 3-12-1-20 17/4/12 2,100 Livingston Horizontal 2 miles
DeeThree 11-12-3-18 15/6/12 4,230 Big Valley Horizontal 14 miles

Source: Daily Oil Bulletin

Well Test Rates (Initial Production Rate)

Montana Operator Initial Rate Days
Riverbend 12-13H Rosetta 403 BOEPD Not reported
Riverbend 7- 4H Rosetta 154 BOEPD Not reported
Simonson 34-1H Rosetta 104 BOEPD Not reported
SW Alta
Loc #1 DeeThree 765 BOPD 4
Loc #2 DeeThree 957 BOPD 6
Loc #3 DeeThree 940 BOPD 10
Loc #4 DeeThree 960 BOPD 5
Kainai 15-21 Murphy 350 BOPD Not reported

Source - Corporate presentations and news releases

Upon closing the two previously announced purchase and sale agreements the Company will own mineral titles covering approximately 20,000 gross acres, 17,400 net acres in N.W. Montana. The fee acreage is located on the Blackfeet Reserve (95%) in Glacier County, and in Teton County (5%). To date operators have permitted 52 exploration wells to evaluate the resource potential in various tight-oil formations on the play. The Blackfeet Reserve covers an area of approximately 1.5 million acres and is host to a number of prospective reservoir targets. The Company's fee acreage portfolio is spread-out as to one-third located in the west, central and eastern portions of the Reserve.

In Q1, 2012 Husky Oil completed drilling two vertical pilot wells to evaluate the resource potential in the Canol shale formation in the Tulita area of the Central Mackenzie Valley, NWT. In April two seismic surveys were completed in the area; Husky recorded a 744-kilometer 3D seismic survey and Explor Geophysical shot a 480-kilometer 2D survey. The Company holds an interest in three Significant Discovery Licenses and three freehold parcels located south of the activity in the Tulita area.

The Company's financial statements, related management discussion and analysis for the period have been filed on Sedar, copies will be posted on the Company's website at

Pat Boswell, President

This news release includes forward- looking statements and provides third party information for which the Company seeks Safe Harbor.

"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".

Contact Information

  • International Frontier Resources Corporation
    Pat Boswell