CALGARY, ALBERTA--(Marketwire - Aug. 30, 2011) - International Frontier Resources Corporation ("Frontier" or the "Company") (TSX VENTURE:IFR) announces financial results for the three and six month periods ending June 30, 2011.
For the three month period ending June 30, 2011 the Company incurred a net loss and comprehensive loss of $213,150 ($0.004 per share) versus $782,390 ($0.013 per share) at June 30, 2010. For the six month period the Company's net loss was reduced from $1,036,095 ($0.018 per share) at June 30, 2010 to $346,105 ($0.006 per share) at June 30, 2011.
Working capital at June 30, 2011 was $5,901,525 versus $7,294,650 at June 30, 2010. At June 30, 2011 the Company was debt free. The number of common shares outstanding at June 30, 2010 and at June 30, 2011 was 59,578,965. The Company's unaudited financial statements and management discussion and analysis have been filed on Sedar.
In the reporting period the Company entered into binding agreements to purchase title to approximately 22,680 freehold acres ("fee acreage") located in Glacier County, northwest Montana. The cost to purchase the fee acreage is initially set at $4,226,000. The final purchase price will be determined upon completion of a title opinion and the number of net acres assigned by the vendors to Frontier using a price of US$186.33 per net acre.
Approximately 95% of the Company's fee acreage sits within the boundary of the Blackfeet Reservation in Glacier County Montana where Anschutz Exploration, Newfield Exploration (NFX-Z) and Rosetta Exploration (ROSE-Q) are currently conducting vertical and horizontal drilling, testing and multi-stage-fracture stimulation programs to appraise an emerging tight-rock- light-oil play. The Company's fee acreage is located in close proximity to 26 wells drilled by Anschutz, Newfield and Rosetta on the Blackfeet Reserve and also by wells drilled by Crescent Point (2 wells), Murphy Oil (5 wells) and Shell Oil (5 wells) in southwest Alberta. The Crescent Point, Murphy and Shell wells are located 6 to 12 miles north of the Montana border. Frontier holds fee acreage in township 37N which adjoins the Alberta border.
Frontier is engaged in the exploration for and development of oil and gas reserves in Glacier County, northwest Montana USA and in the Central Mackenzie Valley, Northwest Territories, Canada. The Company's shares trade on the TSX-V under the symbol IFR; for additional information on the company visit www.internationalfrontier.com.
Pat Boswell, President
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