CALGARY, April 13, 2015 /CNW/ - International
Frontier Resources Corporation ("IFR" or the "Company") on
April 13th, 2015 is pleased to
announce that it has formed a Mexican subsidiary, Petro Frontera
S.A.P.I de CV (Frontera) that will
allow for (i) the study of, and bidding on, assets in Mexico's initial oil and gas Energy Reform bid
round in 2015; (ii) the acquisition and participation in services
contracts that are currently migrating to exploration and
production contracts; (iii) and the development of other petroleum
and natural gas assets in Mexico.
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. In August 2014,
SENER (Secretaria de Energia de Mexico) announced that Round One will include:
(i) 169 blocks, comprised of 109 exploration blocks and 60
production blocks and (ii) 14 blocks under joint ventures with
PEMEX. The tender process commenced in the first quarter of
2015, and production-sharing agreements are expected to be awarded
through out 2015.
Mexico is the ninth largest
producer of oil in the world and the eleventh largest in terms of
net exports. It is the third largest oil producer in the
Western Hemisphere behind the United
States and Canada. 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.
Steve Hanson, President of IFR,
commented: "We have a strong history in working with government and
joint venture partners and we believe Mexico provides excellent growth potential in
the current environment. We are actively working and
preparing to participate in the first open bidding rounds expected
later this year."
International Frontier Resources is a publicly traded
company with interests in oil and gas resource projects in
Canada and the United States. With projects located in
the Northwest Territories,
Southern Alberta and in
North West Montana, we are seeking
to advance the development of our highly prospective, under
explored regions. The Company's shares are listed on the TSX-V
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.
SOURCE International Frontier Resources Corporation
