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
For further information: For additional information please visit www.internationalfrontier.com or contact: Steve Hanson, President, (604) 671-6982; Tony Kinnon, VP Business Development, (403) 607-6591