First Mover to Expand Block Footprint
CALGARY, ALBERTA–(Marketwired – Jan. 19, 2017) – International Frontier Resources Corporation (“IFR” or the “Company”) (TSX VENTURE:IFR)(OTCQB:IFRTF) today announced that its jointly owned Mexican company Tonalli Energia has registered and been granted access to the National Hydrocarbons Commission (CNH) data room for the third tender of Round Two of Mexico’s oil and gas energy reform. Tonalli is in the process of analyzing and assessing block data, and completing documentation in anticipation of entering the bidding process this spring. Concessions are to be awarded in July 2017 under a license contract model. The licenses for exploration and production will last 30 years and can be extended for a maximum of two additional terms of five years each.
The Mexican government announced the third tender of Round Two on November 14th which will be the eighth upstream bid round in Mexico since the energy reform began. Fourteen onshore blocks, averaging 185 km2 (72 sections) are available nationwide: six in the Southeastern Basin, four in the Burgos Basin, three in the Veracruz Basin and one block in the Tampico-Misantla Basin which offsets the Tecolutla Block. Covering a total of 2,595 km2, these development and exploration blocks contain 25 oil and gas fields with existing 3D or 2D seismic coverage. The Mexican Government has estimated that together the blocks contain prospective exploration resources of approximately 251 million barrels of crude equivalent and remaining original extraction volumes of approximately 328 million barrels of crude oil equivalent. IFR was one of the first foreign companies to participate in the historic reform of Mexico’s oil and gas sector. Last year, Tonalli assumed operatorship of the Tecolutla block from state-owned PEMEX. Tecolutla was acquired through a 50-50 joint venture with Mexican petrochemical leader Grupo IDESA in last year’s onshore block auction.
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.
President and CEO