International Frontier Resources Corporation: First Quarter 2012 Results
May 29 2012 - 12:58PM
Marketwired Canada
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
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Glacier County Well Location Permit Depth Projected
Operator Date Feet Zone
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Newfield Anderson 1-10-37-10 19/1/12 12,381 Bakken
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Rosetta Fort Peigan 16-13-34-8 31/1/12 9,976 Bakken
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Anschutz Whitecalf 2-4- 30-10 3/2/12 8,120 Sun River
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Anschutz Flat Iron 1-8-32-12 21/2/12 8,900 Blackleaf
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Rosetta Little Rock Coulee 27-16-
35-7 28/2/12 9,185 Bakken
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Anschutz Pine Ridge 1-4-37-13 2/4/12 11,023 Potlach
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Anschutz Mallard 1-14-33-12 17/4/12 10,500 Cretaceous
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Rosetta Little Rock Coulee 13-18-
35-7 17/5/12 9,856 Bakken
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Teton County
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Primary Rockport 16-19-27-6 24/5/12 9,067 Potlach
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Primary Spring Hill 14-34-27-6 24/5/12 8,216 Potlach
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Glacier County Proximity Well Status
Operator IFR land Direction May 2012
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Newfield 1.8 miles Horizontal Location
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Rosetta .75 miles Horizontal Location
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Anschutz .75 miles Horizontal Location
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Anschutz 2 miles Vertical Drilling
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Rosetta 3 miles Horizontal Drilling
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Anschutz 1.2 miles Vertical Drilled
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Anschutz 1.6 miles Horizontal Drilled
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Rosetta .5 miles Horizontal Location
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Teton County
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Primary .5 miles Horizontal Drilling
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Primary .75 miles Horizontal Location
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Source: Montana State web site
SW Alberta
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Operator Wells W4M License Depth Projected Well North of
Date Meters Zone Direction border
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Connaught 13-8-1-21 24/1/12 3,014 Rundle Horizontal 2 miles
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Crescent Pt. 13-11-2-20 3/2/12 2,900 Wabamun Horizontal 8 miles
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DeeThree 5-22-3-17 24/2/12 5,055 Bakken Horizontal 16 miles
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Shell 13-3-1-23 24/2/12 3,919 Wabamun Horizontal 1 mile
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Crescent Pt. 13-24-2-21 1/3/12 4,000 Wabamun Horizontal 10 miles
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DeeThree 13-22-3-17 15/3/12 4,305 Bakken Horizontal 17 miles
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Gryphon 3-12-1-20 17/4/12 2,100 Livingston Horizontal 2 miles
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DeeThree 11-12-3-18 15/6/12 4,230 Big Valley Horizontal 14 miles
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Source: Daily Oil Bulletin
Well Test Rates (Initial Production Rate)
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Initial
Montana Operator Rate Days
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Riverbend 12-13H Rosetta 403 BOEPD Not reported
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Riverbend 7- 4H Rosetta 154 BOEPD Not reported
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Simonson 34-1H Rosetta 104 BOEPD Not reported
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SW Alta
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Loc #1 DeeThree 765 BOPD 4
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Loc #2 DeeThree 957 BOPD 6
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Loc #3 DeeThree 940 BOPD 10
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Loc #4 DeeThree 960 BOPD 5
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Kainai 15-21 Murphy 350 BOPD Not reported
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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.
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