CALGARY, ALBERTA--(Marketwired - Nov. 1, 2013) - Central Mackenzie Valley ("CMV"), NWT - International Frontier Resources Corporation - TSX:IFR ("IFR" or the "Company") is pleased to announce that on October 31, 2013 the Minister of Indian and Northern Development Canada awarded IFR Exploration License 495 located in the Tulita area south of Norman Wells. The license covers an area of approximately 163,124 acres and has an initial term of five years commencing on March 16th, 2014 and expiring on March 16th, 2019. The Company was awarded the license with a minimum five-year work program of $1.2 million.
Exploration License 495 adjoins the Company's Stewart Lake Significant Discovery Licenses 138 & 139 (Husky operated IFR - 8.2%) and TDL Freehold Parcel M-38 (Husky 75% IFR 25%); TDL M-38 is located within the boundary of the Stewart discovery area that encompasses 17,000 acres (26 sections) on which multiple drilling locations have been identified.
In previous exploration programs in the Tulita area the Company participated in two regional gravity magnetic surveys and in three 2D seismic programs, a portion of which covers EL-495. Interpretation of this data has identified two Cretaceous prospects similar to the Stewart Lake discovery (see May 17, 2006 news release) and one Devonian prospect that is analogous to the Company's Summit Creek gas - light oil discovery that production tested 20 MMCF/D and 6,000 BOPD of 50 degree API oil ~ 9,300 BOEPD (see March 30, 2005 news release).
EL-495 is also prospective in the emerging un-conventional Canol shale play. The license is located between two wells that the Company participated in. The Dahadinni B-20 well encountered 175 meters of Canol shale and the Stewart D-57 well encountered 100 meters of Canol, good hydrocarbon shows were encountered in drill samples. To date there have been five vertical stratigraphic pilot wells drilled on the Canol play, ConocoPhillips Canada two wells, Husky Oil Operations Ltd two wells and Shell Oil/MGM Energy one well. On October 30, 2013 the National Energy Board granted ConocoPhillips Canada a license to drill two horizontal fracture-stimulated wells, these will be the first horizontal fracked wells in the Canol play, drilling is scheduled to commence in January 2014.
International Frontier has been the most active junior oil & gas Company exploring in the CMV. To date the Company has participated in nine exploration wells and in proprietary seismic and aero-mag gravity surveys. Drilling has resulted in three discoveries and the issuance of three Significant Discovery Licenses ("SDL's"), the acreage held by the SDL's does not expire until all reserves from the SDL's are produced. Contingent resource estimates for the SDL discoveries are 227 BCF gas + 27 million barrels oil (64.8 MMBOE - Gross High Case) and 23.8 BCF gas + 2.2 million barrels oil (6.16 MMBOE - Net High Case) as evaluated by the Company's independent reserve evaluator McDaniel & Associates Consultants Ltd. in a report dated July 7th, 2008. IFR holds an interest in 223,064 gross acres, 174,614 net acres in the Central Mackenzie Valley, NWT Canada.
About International Frontier Resources Corporation
International Frontier is engaged in the exploration for and development of oil and natural gas reserves. The Company's oil & gas projects are in the Tulita District, Central Mackenzie Valley, NWT, in Glacier County NW Montana USA and in southeast Alberta. The Company's shares are listed on the TSX Venture Exchange trading under the symbol IFR.
"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.