International Frontier Resources Corporation: Third Quarter Results and Corporate Update
22 Noviembre 2011 - 12:06PM
Marketwired
International Frontier Resources Corporation ("IFR" or the
"Company") (TSX VENTURE:IFR) today announced financial results for
the three and nine month periods ending September 30, 2011 and
provides an update on the company's project areas.
For the quarter ended September 30, 2011 the Company incurred a
net loss of $29,550 ($0.00 per share) versus a net loss of $76,380
for the same period in 2010. In the period revenue, net of
royalties, was $242,630 versus $111,445 in Q3, 2010. For the nine
month period the Company incurred a loss of $375,655 ($0.006 per
share) as compared with a net loss of $1,112,475 ($0.019 per share)
in 2010. Cash and cash equivalents at September 30, 2011 were
$4,106,725 versus $7,037,960 in 2010. At September 30, 2011 the
company had 59,578,965 common shares outstanding. The unaudited
financial statements and management discussion and analysis have
been filed on Sedar.
Southern Alberta Basin - NW Montana
In the third quarter the Company entered into agreements to
purchase title to 5,600 freehold acres ("fee acreage" or "fee
land") located in northwest Montana. The acquisition increases the
Company's fee land position in the Southern Alberta Basin tight oil
resource play to 22,680 acres. The majority (95%) of Company's fee
acreage is located on the Blackfeet Reserve ("reserve") in Glacier
County. The fee acreage is under lease to companies that are
drilling exploration and appraisal wells on the reserve. The leases
reserve in favor of IFR gross overriding royalties ranging from
12.50% to 18.50%, the leases have an average term remaining of 5
years.
In late-2009 a tight oil resource play was discovered on the
Blackfeet Reserve. The reserve is located on the eastern fore-front
of the Rocky Mountains, it covers an area of 1.5 million acres of
which approximately two-thirds is postulated to be in an
over-pressured tight oil fairway. In 2009/10 the Blackfeet entered
into leasing agreements with Anschutz Exploration Company (private)
covering lands on the west side of the reserve, to date Anschutz
have permitted ten wells, eight of which have been drilled.
Newfield Exploration Company (NYSE: NFX) leased the central region
of the reserve, to date Newfield have permitted 15 wells and have
drilled seven vertical wells, all of which have encountered oil.
Newfield have also drilled two horizontal wells, one of the
horizontal wells was partially fracture-stimulated with only
one-third of the frack being placed in zone; the well had an
initial production rate of 225 Bbls oil per day. The east side of
the reserve has been leased by Rosetta Resources (NASDAQ: ROSE) to
date Rosetta have permitted 13 wells of which nine vertical wells
have tested the Bakken and two wells have tested other tight oil
zones. In a Q3 update Rosetta announced that they have increased
their horizontal drilling program to seven wells from three wells.
The wells are targeting 4,000 foot horizontal laterals with 16 frac
stages in the Bakken; the drilling program is scheduled to be
finished in Q1, 2012. Rosetta recently updated its Bakken type
curve; the company expects gross recoverable reserves of 185,000
barrels oil equivalent, 250 barrels oil equivalent per day on 160
acre spacing which implies a 5% recovery of the estimated 13 - 15
mmboe per 640 acres.
In Teton County, which is located south of the Blackfeet
Reserve, two drilling permits have been issued to Primary Petroleum
for vertical wells in T27N - R6W, the 16-19-27N-6W well offsets
IFR's fee land.
In 2010 the play was extended into south-west Alberta, as
companies put together land positions prices went from $50 per acre
to as high of $3,000 per acre, with the average being $850 per
acre. Since mid-2010 operators have licensed 32 exploration wells
just north of the Montana border, in townships 1 to 3 ranges 18 to
25 W4M drilling licenses have been issued to; Antelope Land (1),
Crescent Point Energy (3), Connaught Oil & Gas (5), Canadian
Coastal (1), Dee Three Exploration (2), Gryphon Petroleum (1),
Legacy/Bowood (1), Murphy Oil Company (8) Petrospirit Resources (3)
and Shell Canada (7).
There are multiple tight oil zones on both sides of the border
that are being evaluated with horizontal drilling and
multi-stage-fracking technology. Since the initial discovery well
was drilled operators have licensed over 90 wells in north-west
Montana and south-west Alberta, the play fairway now spans 135
miles north-south and 50 miles east-west.
The Company's fee land is well situated on the play fairway, to
date there have been 16 wells permitted/drilled on the Blackfeet
Reserve that fall within one mile of the company's fee land and an
additional 11 wells are located within three miles. On the Alberta
side of the play operators have licensed/drilled 18 wells located
in township 1 range 18 - 25 W4M. The Company holds approximately
5,600 fee acres in township 37N ranges 5W to 14W adjacent to the
Alberta border.
Central Mackenzie Valley, NWT
In third quarter the Minister for the Department of Indian
Affairs and Northern Development awarded eleven exploration
licenses covering approximately 2,218,735 acres in the Central
Mackenzie Valley, NWT ("CMV"). The land sale generated work
commitment bids of $534 million, which is the largest dollar amount
for work commitments bid at any land sale to date. Six licenses
were awarded to proponents/applicants of the Mackenzie Valley gas
pipeline. Subsequent to license award ConocoPhillips Canada and MGM
Energy have indicated that they plan to drill exploration wells
targeting unconventional liquids rich gas resource plays. Husky Oil
plan to drill two wells this winter, the wells will test
unconventional oil resource plays.
IFR holds an interest three Significant Discovery Licenses
("SDL"), two freehold parcels and one exploration license
encompassing 275,080 gross acres, 65,400 net acres. Husky Oil
Operations is operator of the company's CMV acreage.
IFR is engaged in the exploration for and development of oil and
gas reserves in the Southern Alberta Basin, NW Montana USA, Central
Mackenzie Valley, Northwest Territories, Canada and in SE Alberta.
For additional information on the company visit
www.internationalfrontier.com or contact;
Pat Boswell
This news release includes forward-looking statements for which
the Company seeks Safe Harbor.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: International Frontier Resources Corporation Pat
Boswell 403-215-2781
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