CALGARY, ALBERTA--(Marketwired - Oct. 4, 2016) - International Frontier Resources Corporation ("IFR" or the "Company") (TSX VENTURE:IFR) announces that its Board of Directors has approved a new management structure, which takes effect immediately. President Steve Hanson has been appointed Chief Executive Officer (CEO) and Pat Boswell, previously CEO and Chairman of the Board, has transitioned to Chairman Emeritus. In his new role, Mr. Boswell will continue to advise the Company on its strategic plans and work towards their successful implementation. Andy Fisher, formerly Manager Mexico, is the Company's new Chief Operating Officer (COO).
"I am pleased that Steve Hanson has agreed to become our new Chief Executive Officer," stated Pat Boswell. "When he joined IFR as President, Steve was tasked with getting the Company involved in a new project area. As a result of his efforts and our group's incredible teamwork, IFR is now positioned to become a major player in Mexico's unprecedented energy reform. I look forward to my advisory focus and continued role as a Director in what will be a transformational year for IFR."
"As the founder of IFR, Pat has been instrumental in setting up the Company for its current success. The Board and management team would like to thank Pat for his leadership, his past contributions and commitment to IFR," said Gary Lyons, Director of IFR. "Our Board is committed to continuing its mission to be a leader in the Mexican oil and gas industry. These management changes are a critical part of our succession plan and we believe they both broaden and strengthen our team."
Andy Fisher, IFR's new COO, has over 25 years of successful and varied experience in the oil and gas industry. His background includes extensive experience in acquisition and divestitures, corporate finance, strategic and operational planning, due diligence, supervision of day-to-day activities, office management, leading teams, joint venture management, contracts and negotiations.
As founder and Executive VP of Arcan Resources Ltd, Mr. Fisher grew the company from zero barrels of oil equivalent (BOE) per day and no assets to approximately 4,000 BOE/day with a large future drilling inventory. In a June 2015 transaction valued at approximately CAD$300-million, Arcan was sold to Aspenleaf Energy Ltd. The transaction was backed by ARC Financial Corp, a Canadian energy-focused private equity manager, and the Ontario Teachers' Pension Plan.
Mr. Fisher was also VP of International Contracts and Negotiation for Pacalta Resources Ltd. As the company's third employee, he helped grow Pacalta from a junior exploration and production company producing approximately 100 BOE/day to a company with approximately 45,000 BOE/day of production in Equador. Pacalta was sold to Alberta Energy Company (predecessor to EnCana) in 1999 in a transaction valued at approximately CAD$1-billion.
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 venture Tonalli Energia, 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. 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.
(October 4, 2016 - 9:01 AM EDT)
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