22:47:11 EDT Wed 17 Jul 2019
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or Name
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International Frontier Resources Corp
Symbol C : IFR
Shares Issued 144,852,385
Close 2018-04-24 C$ 0.26
Recent Sedar Documents

Int'l Frontier's Dec. 31 working capital at $5.68M

2018-04-24 16:11 ET - News Release

Mr. Steve Hanson reports

INTERNATIONAL FRONTIER RESOURCES ANNOUNCES 2017 FOURTH QUARTER AND YEAR-END FINANCIAL AND OPERATING RESULTS

International Frontier Resources Corp. has released its financial and operating results for the three months and year ended Dec. 31, 2017. Selected financial and operational information is set out herein and should be read in conjunction with International Frontier Resources' Dec. 31, 2017, audited annual financial statements and the related management discussion and analysis. In addition, the corporation has filed its annual information form for the year ended Dec. 31, 2017, which contains the corporation's reserves and other oil and natural gas information, as required under National Instrument 51-101, Standards of Disclosure of Oil and Gas Activities. The annual information form, financial statements, and management discussion and analysis are available for review on SEDAR and on the corporation's website.

Highlights

International Frontier Resources achieved several strategic objectives in 2017. With an increased focus on Mexico's energy reform, International Frontier Resources successfully executed on its strategy to be a first mover. Through its joint venture company, Tonalli Energia, which was formed in partnership with Mexican petrochemical leader Grupo IDESA, International Frontier Resources built a solid foundation from which to emerge as an energy leader in Mexico.

International Frontier Resources' achievements in 2017 include:

  • In March, International Frontier Resources closed a private placement that raised aggregate gross proceeds of $5,059,085. The brokered portion of the private placement was led by PI Financial Corp.
  • In June, Tonalli received approval of its evaluation plan for the onshore Tecolutla block. The evaluation plan outlined in detail the scheduled work program to develop the asset.

Subsequent to year-end 2017, International Frontier Resources announced:

  • In January, Tonalli secured the drilling authorization permit from Mexico's National Hydrocarbons Commission for its TEC-10 directional development well at Tecolutla. TEC-10 is the first Tecolutla well to target new locations within the reservoir with the advantage of 3-D seismic that has been reprocessed by Tonalli.
  • In April, International Frontier Resources announced that Tonalli had spudded its first directional evaluation well, TEC-10. The TEC-10 well is now being drilled to target the El Abra formation at a depth of 2,490 meters (8,169 feet). The expected timeline from spud date to reach total depth is under three weeks.

Financial highlights -- fourth quarter 2017 and year ended Dec. 31, 2017:

  • The company reported a consolidated net loss of $2,514,925 (loss of two cents per share) for the three months ended Dec. 31, 2017, compared with a net loss of $1,690,950 (loss of two cents per share) for the same period in 2016.
  • In Q4 2017, the company had negative cash flow from continuing operations of $165,350, which excluded a $1,489,415 non-cash impairment charge.
  • The impairment charge at Dec. 31, 2017, of $1,489,415 includes an impairment of $844,550 with respect to lease rentals paid to date on properties in the Northwest Territories as the company plans to relinquish its remaining freehold leases as well as an impairment of $644,865 with respect to the remaining net book value of its properties in Montana.
  • The loss from operations in the period included $412,245 in general and administrative costs and $63,000 incurred during the period in respect to the company's Mexico project.
  • General and administrative costs for the quarter were higher than previous quarters mainly because of the costs related to increased activities and development focused on Mexico and certain non-recurring corporate costs that were incurred in the period.
  • The company recorded a consolidated net loss for the year ended Dec. 31, 2017, of $3,382,755 (loss of three cents per share), compared with a net loss of $3,252,130 (loss of three cents per share) at Dec. 31, 2016.
  • In 2017, the company had a net loss from operations of $1,808,905, including the impairment charge of $1,489,415 and a loss attributed to the company's investment in its Mexican joint venture, Tonalli, of $669,300.
  • During the year, the company spent $1,597,450 for its 50-per-cent share to finance the company's joint venture in Mexico.
  • Working capital at Dec. 31, 2017, was $5,683,860, including $5,640,735 of cash and cash equivalents.

                                                FINANCIAL RESULTS
 
                                                   Three months ended Dec. 31,           12 months ended Dec. 31,
                                                        2017             2016             2017              2016 
Net (loss) and comprehensive (loss)                                                                               
Net (loss) from continuing operations          $  (2,514,925)   $  (1,603,880)   $  (3,382,755)   $   (3,055,880)
Net (loss) from discontinued operations        $           -    $     (87,070)   $           -    $     (196,250)
Net (loss) and comprehensive (loss)            $  (2,514,925)   $  (1,690,950)   $  (3,382,755)   $   (3,252,130)
(Loss) per share                                                                                                
Net (loss) per share                           $       (0.02)   $       (0.02)   $       (0.03)   $        (0.03)

About International Frontier Resources Corp.

International Frontier Resources is a Canadian publicly traded company with a demonstrated record of advancing oil and gas projects. Through its Mexican subsidiary, Petro Frontera SAPI de CV 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, Alberta and Montana.

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