International Frontier Identifies High Interest Targets at Tecolutla, Prepares for PEMEX Handover
CALGARY, ALBERTA--(Marketwired - Nov. 21, 2016) - International Frontier Resources Corporation ("IFR" or the "Company") (TSX VENTURE:IFR)(OTCQB:IFRTF) is pleased to announce that its jointly owned Mexican company Tonalli Energia ("Tonalli") has identified high interest development targets at its onshore oil and gas development block, Tecolutla.
Upon signing the License Contract on August 25th, 2016, Tonalli acquired additional 3-D seismic covering an extended area including and offsetting the Tecolutla block. We have subsequently reprocessed this high quality data and continue to analyze results.
Tecolutla was originally drilled without the benefit of modern seismic. After review of the reprocessed 3D seismic, we have identified areas of the reservoir which we believe, are significantly higher and thicker than previously reported and which have not been penetrated by existing wells.
Tonalli will formally assume operatorship of the Tecolutla Block from PEMEX on November 23rd, 2016. Regulatory processes are underway and we expect to initiate our operations program in the first half of next year. We are pleased by our progress in the Mexican government's regulatory processes.
Tonalli has already initiated oil field services contracting and we have found service providers to be readily available and competitive in their pricing. Existing drill sites and extensions of existing drill sites will be utilized to execute our operations program. Tonalli plans to drill its first well in H1 2017.
We intend to engage our partner, Grupo IDESA, to truck production to under-utilized PEMEX midstream facilities in the region, taking advantage of 12-month surface access at Tecolutla using existing roads, which require only minimal upgrades.
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"), the first in almost 80 years. Each of the blocks offered in Round 1.3 attracted multiple bids. Please see IFR's news release of August 26, 2016.
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, Alberta 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.
"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.
(November 21, 2016 - 9:00 AM EST)
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