CALGARY, Alberta, Nov. 27, 2017 (GLOBE NEWSWIRE) -- International Frontier Resources Corporation (“IFR” or the “Company”) (TSX-V: IFR ) (OTCQB:IFRTF) reported today its financial and operating results for the three and nine months ended September 30, 2017. Selected financial and operational information is set out below and should be read in conjunction with IFR’s September 30, 2017 interim financial statements and the related management’s discussion and analysis (“MD&A”). The financial statements and MD&A are available for review at www.sedar.com and on the Corporation’s website at www.internationalfrontier.com . All figures are in Canadian dollars.
Third Quarter 2017
Financial Highlights
- The Company reported a consolidated net loss of $1,039,340 ($0.01 loss per share) for the nine months ended September 30, 2017, compared to a net loss of $1,561,180 ($0.02 loss per share) for the nine months ended September 30, 2016. Net loss for the three months ended September 30, 2017 was $334,270 ($0.003 loss per share) compared to a net loss of $616,035 ($0.01 loss per share) for the quarter ended September 30, 2016.
- In the nine months ended September 30, 2017, the Company had negative cash flow from continuing operations of $1,956,410.
- The loss from operations in the period included $1,084,755 in general and administrative costs (nine months ended September 30, 2016 - $687,875).
- General and administrative costs in the first nine months of 2017 were higher primarily due to general and administrative expenses related to increased activities and development focused on Mexico as well as certain non-recurring corporate costs incurred in the period.
Operations
In the third quarter, IFR, through its jointly owned Mexican Company Tonalli Energia (“Tonalli”), continued to engage and secure service and equipment suppliers in Mexico to prepare for our development drilling program on Block 24 Tecolutla, in the state of Veracruz. As a result of this engagement, we expect all capital costs to remain within budgeted estimates for the upcoming drill program and facilities installation.
Tonalli has submitted the regulatory applications and documentation which will allow us to proceed with the drilling permit and operations at Tecolutla. These final approvals are expected within the next 60 days. Both CNH and ASEA have acknowledged that the implementation of new regulatory processes has been slow moving, however, they indicate that changes are being made to streamline these processes. Once these regulatory approvals are received, IFR and Tonalli will provide an operations update with an anticipated spud date.
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 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 .
For further information Steve Hanson – President and CEO (403) 215-2780 shanson@internationalfrontier.com
or
Tony Kinnon – Chairman (403) 215-2780 tkinnon@internationalfrontier.com
Forward Looking Statements
This press release contains forward‐looking statements and forward‐looking information (collectively "forward‐looking information") within the meaning of applicable securities laws relating to the Company's plans, strategy, business model, focus, objectives and other aspects of IFR's anticipated future operations and financial, operating and drilling and development plans and results, including, expected future production, production mix, reserves, drilling inventory, net debt, cash flow, operating netbacks, decline rate and decline profile, product mix, capital expenditure program, capital efficiencies, commodity prices, tax pools and targeted growth. In addition, and without limiting the generality of the foregoing, this press release contains forward‐looking information regarding: anticipated cost savings and operational efficiencies; anticipated capital cost estimations; the focus and allocation of IFR's 2017 capital budget; anticipated production rates, available free cash flow, management's view of the characteristics and quality of the opportunities available to the Company; and other matters ancillary or incidental to the foregoing.
Forward‐looking information typically uses words such as "anticipate", "believe", "project", "target", "guidance", "expect", "goal", "plan”, "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future. The forward‐looking information is based on certain key expectations and assumptions made by IFR's management, including expectations concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; capital efficiencies; decline rates; future production rates and estimates of operating costs; performance of existing and future wells; reserve and resource volumes; anticipated timing and results of capital expenditures; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; the availability and cost of financing, labour and services; the impact of increasing competition; ability to market oil and natural gas successfully and IFR's ability to access capital.
Statements relating to "reserves" are also deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future.
Although the Company believes that the expectations and assumptions on which such forward‐looking information is based are reasonable, undue reliance should not be placed on the forward‐looking information because IFR can give no assurance that they will prove to be correct. Since forward‐looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward‐looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward‐looking information will transpire or occur, or if any of them do so, what benefits that the Company will derive there from. Management has included the above summary of assumptions and risks related to forward‐looking information provided in this press release in order to provide security holders with a more complete perspective on IFR’s future operations and such information may not be appropriate for other purposes.
Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect IFR's operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
These forward‐looking statements are made as of the date of this press release and IFR disclaims any intent or obligation to update publicly any forward‐looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
“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.
