IFR Jointly Owned Mexican Company, Tonalli Energia, Places Four Bids in Historic Mexican "Mature Field" Bid Round
CALGARY, ALBERTA--(Marketwired - Dec. 15, 2015) - International Frontier Resources Corporation ("IFR" or the "Company") (TSX VENTURE:IFR) on December 15, 2015, announced that Tonalli Energia, a jointly owned Mexican company, 50% by IFR and 50% by Mexican petrochemical leader Grupo Idesa, bid on four onshore blocks in Mexico's historic bid round. Although competitive, Tonalli was not awarded any licenses. Tonalli was runner-up in bidding for Block 6 Catedral and Block 24 Tecolutla. The documentation submitted for Catedral and Tecolutla will remain with the Comision Nacional de Hidrocarburos (CNH) and Tonalli will be awarded these blocks if the winner is unable to meet its bid round completion requirements 140 days from today.
Steve Hanson IFR's President and Director of Tonalli Energia, said, "We look forward to bringing our technical expertise partnered with IDESA's in-country experience to future bid rounds in 2016. Our bid strategy was aggressive and we came close, but we did not have a desire to speculate to the levels that some companies were willing to go. We continue to be confident in our business strategy and believe that expanding into Mexico offers us a meaningful opportunity to add value to our base business. Even in a challenging commodity environment, we believe the scale of the opportunity provided by the Mexican energy reforms remains compelling."
International Frontier Resources is a publicly traded company with interests in oil and gas resource projects in Canada and the United States. 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. For additional information please visit www.internationalfrontier.com.
"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.
Source: Marketwired (Canada)
(December 15, 2015 - 9:31 PM EST)
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