CALGARY, ALBERTA--(Marketwired - Nov. 2, 2015) - International Frontier Resources Corporation ("IFR" or the "Company") (TSX VENTURE:IFR) on November 2, 2015, is pleased to announce the following additions to assist IFR, its Mexican subsidiary Petrofrontera, and its newly formed 50/50 joint venture company with Mexican Petrochemical leader Grupo Idesa, "Tonalli Energia, S.A.P.I de C.V." in the evaluation and joint study of business opportunities in the Mexican oil and gas sector, in particular the first bidding round of the Onshore Blocks of the "Ronda 1.3" bidding process from the Mexican government.
Andy Fisher, BComm PLM - General Manager Mexico
Mr. Fisher has over twenty-five years of intensive and varied experience in the oil and gas industry including extensive experience in acquisition and divestments, corporate finance, strategic and operational planning, due diligence, supervision of day to day activities, office management, team leading, joint venture management, contracts and negotiations. He was Founder and Executive Vice President of Arcan Resources Ltd and grew Arcan from zero BOE /day with no assets to approximately 4,000 BOE /day with a large future drilling inventory. Arcan was sold to Aspenleaf Energy Ltd., backed by ARC Financial Corp, a Canadian energy-focused private equity manager, and Ontario Teachers' Pension Plan, in June 2015 in a transaction valued at approximately $300 Million (Cdn). Formerly Vice President International Contracts and Negotiation of Pacalta Resources Ltd, Mr. Fisher was the third employee of Pacalta and experienced growth of Pacalta from a junior E&P Company with approximately 100 BOE/ day of production to a company with approximately 45,000 BOE/day of production in Equador and hundreds of employees. Pacalta was sold to Alberta Energy Company (predecessor to EnCana) in 1999 in a transaction valued at approximately $1 Billion (Cdn).
Kevin Gunning, P.Eng. - Manager Engineering Mexico
Mr. Gunning is a Professional Engineer and has over 15 years of industry experience in the Western Canadian Sedimentary Basin. Prior to joining IFR, he served as Vice President, Engineering at Arcan Resources Ltd. where he focused on waterflood implementation, development planning, asset exploitation and reserve determination and evaluation. Mr. Gunning is considered an industry expert in Enhanced Oil Recovery (EOR) methods including conventional waterflood, miscible flooding, and the utilization of horizontal wells for EOR schemes. Prior to joining Arcan, Mr. Gunning was lead exploitation engineer in the Swan Hills Business Unit for Pengrowth Energy where he held a variety of planning and development positions. Mr. Gunning holds a Bachelor of Mechanical Engineering degree from the University of Alberta and is a practicing member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta.
Kyle Baumgardner, P.Eng. - Manager Operations Mexico
Mr. Baumgardner is a Professional Engineer that has over 15 years of industry experience in various international and domestic roles. Mr. Baumgardner's primary focus has been Field Operations including Performance Drilling, Wellbore Completions, Facility Design, Field Construction, and Production Optimization. Mr. Baumgardner previously served as Vice President Operations at Arcan Resources Ltd. where he led a group of technical professionals and field employees focused on reducing development and operating costs while maximizing the performance of the asset. Prior to joining Arcan, he performed senior engineering roles at mid-sized oil and gas producers and held technical roles with a leading service provider of pumping services (fracturing, cement, coil tubing) to the oil and gas industry. Mr. Baumgardner holds a Bachelor of Mechanical Engineering degree from the University of Alberta and is a practicing member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta.
Curtis Hess, P. Geol. - Manager Geology Mexico
Mr. Hess is a Professional Geologist with a broad range of experience in oil and gas exploration and development projects in Trinidad, South Asia, East Africa and Western Canada. Prior to International Frontier Resources, Curtis was a lead geologist at Niko Resources evaluating exploration assets in the Eastern Venezuelan basin onshore Trinidad and deep water gas discoveries in the Krishna-Godavari Basin offshore India. Prior to joining Niko Resources he was a geologist at junior and midsized oil and gas producers focused on the Western Canadian Sedimentary Basin. Mr. Hess holds a Bachelor of Science Degree in Geology from the University of Alberta and is a member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta.
Enrique Miranda - Advisor
Mr. Miranda acts as advisor to Nukay CV and its subsidiaries in Canada and Mexico. He founded and listed two Mexican companies on the TSX including Miranda Mining Corp, a leader in the Guerrero Gold Belt development in México, that comprises "Los Filos", "Morelos Norte and "Ana Paula" among others world class deposits sold to Goldcorp Inc. He managed and lead eight international public and private placements in Canada and Germany. He worked in senior management positions in several world-class mining companies, including Cía Minera de Cananea (a copper producer). He founded Ucremim (a mining credit union) as well as Comercial Petrominera, an international mining broker. He also proposed law initiatives to modify articles in the Mexican Constitution regarding mining and the Mexican Mining Law. Finally, he founded the Mining Committee with in the Canadian Chamber of Commerce in Mexico. Mr. Miranda holds a CPA degree from the Universidad Nacional Autónoma de México (UNAM) and a MBA from Wharton School at the University of Pennsylvania.
Ignacio Quesada - Advisor
Mr. Quesada is a Managing Director with Alvarez & Marsal in Mexico City. He brings 20 years of experience in strategy, operations improvement and financial solutions. His primary areas of concentration are the energy and financial sectors, strategy development, supply chain management, and financial evaluation. Mr. Quesada has worked with clients across a range of industries, including oil and gas, financial services, private equity and government institutions.
Prior to joining A&M, Mr. Quesada was CFO of PEMEX where he contributed to the development of new business collaboration schemes including the performance contracts and JVs between PEMEX and private sector companies. Before PEMEX, he worked as Chief of Staff to the Minister at the Treasury and at the Social Development Ministers. During that time, he participated in the Anti-Money Laundering Initiative, United Nations high-level task force for financial instruments for climate change, the task force for the AH1N1 crisis, and the development of new payment scheme for the social programs.
Steve Hanson, President of IFR, commented, "We are pleased to announce these high caliber individuals whose vast experience in the development and operation of conventional and unconventional oil and gas projects around the world will advance our opportunities in the Mexican Energy Reform. In particular, the implementation of processes and the incorporation of new technologies that will reduce capex, opex and improve recoveries. In addition to our leading joint venture partner Grupo IDESA, our in-country Mexican advisors have extensive business background and knowledge in social, community and regulatory issues to compliment this new team," added Mr. Hanson.
The Corporation has agreed to issue up to 2.9 million stock options ("Options") with an exercise price of $0.10 and an expiry date of five years from the date of grant.
As part of a non-brokered private placement offering, the new team and other key individuals will subscribe for up to 17,000,000 Units at a price of $0.065 per Unit for gross proceeds of up to $1,105,000. Each Unit consists of one (1) common share of the Company (a "Share") and one (1) common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Share at a price of $0.10 for a period of two years from the date of issuance.
The proceeds from the Private Placement will be used for working capital and to fund Mexico initiatives.
The private placement is subject to approval of the TSX Venture Exchange.
International Frontier Resources is a publicly traded company with interests in oil and gas resource projects in Canada and the United States. With projects located in the Northwest Territories, Southeast Alberta and in the Southern Alberta Basin, North West Montana, we are seeking to advance the development of our highly prospective, under explored regions. IFR through its Mexican subsidiary, Petro Frontera S.A.P.I de CV (Frontera) and strategic joint ventures is advancing the development of petroleum and natural gas assets in Mexico. The Company's shares are listed on the TSX-V trading under the symbol IFR.
"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.