International Frontier Resources, Through its 50/50 Jointly Owned Mexican Company Tonalli Energia, Prequalifies for First Bidding Round of Mexican Onshore Blocks
CALGARY, ALBERTA--(Marketwired - Dec. 2, 2015) - International Frontier Resources Corporation ("IFR" or the "Company") (TSX VENTURE:IFR) on December 2, 2015, is pleased to announce that Tonalli Energia, a jointly owned Mexican company, 50% by IFR and 50% by Mexican petrochemical leader Grupo Idesa, has been notified by the Comision Nacional de Hidrocarburos "CNH" that it has prequalified to participate in the first bidding round of the Onshore Blocks of the "Ronda 1.3" bidding process from the Mexican government. Tonalli is planning on bidding for proven producing assets with development upside when submissions are made on December 15th, 2015.
Twenty five onshore fields are available nationwide which include five in the southern state of Chiapas, eight in the northern state of Nuevol León, five in Tabasco in the south, two in Tamaulipas in the north and six in the eastern state of Veracruz.
IFR President Steve Hanson commented, "We are pleased that Tonalli Energia is one of the global oil and gas companies that have met the strict requirements to prequalify in the upcoming bid round. We look forward to the final bid process."
Mexico's historic energy reform announced in 2014 has established a new legal framework for Mexico's energy industry and is expected to attract billions of dollars in foreign investment. Mexico has the eighteenth largest oil reserves in the world, and fourth largest in the Western Hemisphere behind Venezuela, Canada, and the United States. The national oil company, Pemex, has reported historical finding, development and production costs of less than US$25 per barrel, which places Mexico in the top quartile worldwide.
About Grupo Idesa
Grupo Idesa is one of the largest Petrochemical groups in Mexico, for over 55 years Grupo Idesa has produced and distributed different goods and services that provide products which are part of our daily lives. Grupo Idesa is integrated by four business segments - Petrochemicals, Distribution, Logistics and Construction Systems - with national presence and international reach. The company employs around 1,500 people. In 2010, Grupo Idesa and the Brazilian petrochemical Braskem started a JV "Braskem Idesa", in order to construct the "Ethylene XXI" project and signed with Pemex an important ethane supply agreement. The project will begin operations in December 2015. Also Grupo Idesa is part of a JV with Evonik Industries to build and operate a 40Kton Sodium Cyanide facility that should start operations in August 2016. Grupo Idesa was founded in 1956 and has its headquarters in Mexico City. For additional information please visit www.grupoidesa.com.
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.
(December 2, 2015 - 9:30 AM EST)
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