CALGARY, Alberta, May 16, 2018 -- InvestorsHub
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, is pleased to announce production test results
of its workover of the previously drilled TEC-2 well.
Highlights:
- On May 8th, Tonalli commenced a production test of
the TEC-2 well producing from existing perforations.
- The well was tested for a total of seven days and recovered an
average of 125 barrels of oil per day (“bopd”).
- Last recorded production rate in January 2016 from TEC-2 was 9
bopd and 9 thousand cubic feet (“mcf”) of natural gas per day.
- Over the final day of the test, the TEC-2 well averaged an
estimated 105 bopd and 288 mcf of gas producing 514 bbls/d of
fluid.
- Throughout the test, TEC-2 flowed naturally on a restricted
20/64 inch well head choke with a final wellhead flowing pressure
of 660 psig. The ratios of crude oil, water, and natural gas
remained consistent throughout the multi-day test.
“Rates from the TEC-2 well exceeded our expectations based on
the age of the well and historical production records provided by
the previous operator,” stated Steve Hanson, President and CEO of
International Frontier Resources and Director of Tonalli Energia.
“The results of the test have indicated that the El Abra reservoir
in the Tecolutla Field is capable of delivering high volumes of
fluid.”
TEC-2 is an existing well that produced for sixty years from
1956 until January 2016 without the use of artificial lift and was
shut-in by the previous operator. TEC-2 is located
approximately 800 meters north of the recently drilled TEC-10 well.
Tonalli is also pleased to announce that completion operations
on the newly drilled TEC-10 well (see press release dated May
7th, 2018) have commenced. Production testing of
the TEC-10 well will be performed over the next few weeks as part
of completion operations. Results of this test will be
announced when further information becomes available.
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
on May 12,
2016 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.
Forward Looking Statements
This press release contains forwardlooking statements and
forwardlooking information (collectively "forwardlooking
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
forwardlooking 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.
Forwardlooking 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
forwardlooking 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 forwardlooking information is based are
reasonable, undue reliance should not be placed on the
forwardlooking information because IFR can give no assurance that
they will prove to be correct. Since forwardlooking 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 forwardlooking information
and, accordingly, no assurance can be given that any of the events
anticipated by the forwardlooking 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 forwardlooking 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 forwardlooking statements are made as of the date of this
press release and IFR disclaims any intent or obligation to update
publicly any forwardlooking 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.
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