CALGARY, Alberta, June 20, 2018 (GLOBE NEWSWIRE) -- International Frontier Resources Corporation (“IFR”
or the “Company”) (TSX-V:IFR) (OTCQB:IFRTF) joint venture Tonalli Energia (“Tonalli”), in partnership with Mexican
petrochemical leader Grupo IDESA, announced today that service equipment is being mobilized for stimulation and production testing
after successfully receiving a perforation permit for the TEC-10 well.
Tonalli will test up to three prospective zones in the TEC-10 well as part of the completion program. The
completion and testing operation is expected to last 14 to 21 days dependent upon weather and service execution.
Completion operations will provide valuable information about reservoir parameters and well deliverability that
will be incorporated into the long-term development plan for the Tecolutla block.
As announced on May 16, 2018, Tonalli reached a significant milestone by achieving production at Tecolutla with
a successful workover of its previously drilled TEC-2 legacy well. TEC-2 recovered an average of 125 barrels of oil per day
(“bopd”). Tonalli is nearing fulfillment of the minimum work commitment requirement for Tecolutla.
Through its joint venture, IFR was one of the first foreign companies to participate in Mexico’s historic reform
of the oil and gas sector. The Tecolutla block was awarded to Tonalli as part of the first round and third call of Mexico's oil and
natural gas "mature fields" bid round ("Round 1.3"), the first in almost 80 years.
About International Frontier Resources
International Frontier Resources Corporation (IFR) is a Canadian publicly traded company with a demonstrated
track record of advancing oil and gas projects. Through its Mexican subsidiary, Petro Frontera S.A.P.I de CV (Frontera) and
strategic joint ventures, it is advancing the development of petroleum and natural gas assets in Mexico. The Company also has
projects in Canada and the United States, including the Northwest Territories and Montana.
The Company’s shares are listed on the TSX Venture, trading under the symbol IFR and on the OTCQB under the
symbol IFRTF. For additional information please visit www.internationalfrontier.com.
For further information
Steve Hanson – President and CEO or
Tony Kinnon –
Chairman
(403) 215-2780
(403) 215-2780
shanson@internationalfrontier.com tkinnon@internationalfrontier.com
Forward Looking Statements
This press release contains forward‐looking statements and forward‐looking information (collectively "forward‐looking information")
within the meaning of applicable securities laws relating to the Company's plans, strategy, business model, focus, objectives and
other aspects of IFR's anticipated future operations and financial, operating and drilling and development plans and results,
including, expected future production, production mix, reserves, drilling inventory, net debt, cash flow, operating netbacks,
decline rate and decline profile, product mix, capital expenditure program, capital efficiencies, commodity prices, tax pools and
targeted growth. In addition, and without limiting the generality of the foregoing, this press release contains forward‐looking
information regarding: anticipated cost savings and operational efficiencies; anticipated capital cost estimations; the focus and
allocation of IFR's 2018 capital budget; anticipated production rates, available free cash flow, management's view of the
characteristics and quality of the opportunities available to the Company; and other matters ancillary or incidental to the
foregoing.
Forward‐looking information typically uses words such as "anticipate", "believe", “indicate”, "project",
"target", "guidance", "expect", "goal", "plan”, "intend" or similar words suggesting future outcomes, statements that actions,
events or conditions "may", "would", "could" or "will" be taken or occur in the future. The forward‐looking information is based on
certain key expectations and assumptions made by IFR's management, including expectations concerning prevailing commodity prices,
exchange rates, interest rates, applicable royalty rates and tax laws; capital efficiencies; decline rates; future production rates
and estimates of operating costs; performance of existing and future wells; reserve and resource volumes; anticipated timing and
results of capital expenditures; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in
carrying out planned activities; the timing, location and extent of future drilling operations; the state of the economy and the
exploration and production business; results of operations; performance; business prospects and opportunities; the availability and
cost of financing, labour and services; the impact of increasing competition; ability to market oil and natural gas successfully
and IFR's ability to access capital.
Statements relating to "reserves" are also deemed to be forward looking statements, as they involve the implied
assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated
and that the reserves can be profitably produced in the future.
Although the Company believes that the expectations and assumptions on which such forward‐looking information is
based are reasonable, undue reliance should not be placed on the forward‐looking information because IFR can give no assurance that
they will prove to be correct. Since forward‐looking information addresses future events and conditions, by its very nature they
involve inherent risks and uncertainties. The Company's actual results, performance or achievement could differ materially from
those expressed in, or implied by, the forward‐looking information and, accordingly, no assurance can be given that any of the
events anticipated by the forward‐looking information will transpire or occur, or if any of them do so, what benefits that the
Company will derive there from. Management has included the above summary of assumptions and risks related to forward‐looking
information provided in this press release in order to provide security holders with a more complete perspective on IFR’s future
operations and such information may not be appropriate for other purposes.
Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these
and other factors that could affect IFR's operations or financial results are included in reports on file with applicable
securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
These forward‐looking statements are made as of the date of this press release and IFR disclaims any intent or
obligation to update publicly any forward‐looking information, whether as a result of new information, future events or results or
otherwise, other than as required by applicable securities laws.
“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.