International Frontier Resources Corporation

International Frontier Resources Corporation

April 17, 2012 11:08 ET

International Frontier Resources Corporation: Year End Results

CALGARY, ALBERTA--(Marketwire - April 17, 2012) - International Frontier Resources Corporation (TSX VENTURE:IFR) ("the Company") today released financial and operating results for the year ending December 31, 2011. In the period the Company recorded a net loss of $673,340 ($0.01 per share) versus a net loss of $4,597,135 ($0.08 per share) in the period ending December 31, 2010. The net loss in 2011 is comprised of depletion and depreciation in the amount of $201,050, an impairment charge of $307,155 with respect to exploration and evaluation assets in the Northwest Territories, Canada and stock based compensation charges of $97,190.

For the period ending December 31, 2011 oil revenue, net of royalties, was $770,850 versus $474,515 in the 2010. Capital expenditures on exploration and evaluation assets in Canada were $60,505 and in the United States expenditures were $3,193,140. The Company accrued $961,065 to purchase oil & gas freehold mineral titles in NW Montana in its December 31, 2011 financial statements. In the reporting period cash and cash equivalents were $4,037,930 and the Company had positive working capital of $3,065,520.

The Company's audited financial statements, related management discussion and analysis and the annual NI 51-101 for the year ending December 31, 2011 have been filed on Sedar, copies will be posted on the Company's website

This news release includes forward-looking statements 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