CALGARY, Alberta, Nov. 13, 2018 (GLOBE NEWSWIRE) -- International Frontier Resources Corporation (“IFR” or
the “Company”) (TSX-V: IFR) (OTCQB: IFRTF) is pleased to announce that Tonalli Energia (“Tonalli”), IFR’s joint venture
(JV) with Mexican petrochemical leader Grupo IDESA, has spudded the first conventional horizontal well, (“TEC-11”), at its onshore
Tecolutla block.
- TEC-11 is planned to penetrate the El Abra reef at a vertical depth of approximately 2,310 meters with a horizontal leg of up
to 1,000 meters.
- TEC-11 is the first horizontal well in a potential multi-well plan to develop the northern extension of the Tecolutla field
that has been identified on Tonalli’s interpretation of the 3D seismic.
- Tonalli will deploy a LWD (Logging While Drilling) rotary steerable directional system to optimize hole quality and wellbore
placement and to guide subsequent completion operations
- Information gathered from Tonalli’s recently drilled TEC-10 vertical well, including permeability, porosity, and pressure
data, indicate that the reef at Tecolutla is capable of high deliverability.
The Tecolutla field is located within the Tampico-Misantla basin, which has multiple reservoirs with diverse
play types as well as access to existing infrastructure, market, service sector providers and an established supply chain.
In 2017, IHS Markit identified the Tampico-Misantla Basin as a potential “Super Basin”.
Through its JV with Grupo Idesa, 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”).
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
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 2017 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", "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.
