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 www.internationalfrontier.com

Pat Boswell, President

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