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International Frontier Resources Corp
Symbol C : IFR
Shares Issued 145,252,385
Close 2018-05-16 C$ 0.26
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Int'l Frontier JV recovers 125 bbl/d on TEC-2 well test

2018-05-16 09:35 ET - News Release

Mr. Steve Hanson reports

OIL PRODUCTION COMMENCES AT TECOLUTLA WITH SUCCESSFUL WORKOVER OF LEGACY WELL

International Frontier Resources Corp. joint venture Tonalli Energia, in partnership with Mexican petrochemical leader Grupo IDESA, has released production test results of its workover of the previously drilled TEC-2 well.

Highlights:

  • On May 8, Tonalli commenced a production test of the TEC-2 well producing from existing perforations.
  • The well was tested for a total of seven days and recovered an average of 125 barrels of oil per day.
  • Last recorded production rate in January, 2016, from TEC-2 was nine bbl/d and 9,000 cubic feet of natural gas per day.
  • Over the final day of the test, the TEC-2 well averaged an estimated 105 bbl/d and 288,000 cubic feet of gas producing 514 bbl/d of fluid.
  • Throughout the test, TEC-2 flowed naturally on a restricted 20/64ths-inch wellhead choke with a final wellhead flowing pressure of 660 pounds per square inch, gauge. The ratios of crude oil, water and natural gas remained consistent throughout the multiday test.

"Rates from the TEC-2 well exceeded our expectations based on the age of the well and historical production records provided by the previous operator," stated Steve Hanson, president and chief executive officer of International Frontier Resources and director of Tonalli Energia. "The results of the test have indicated that the El Abra reservoir in the Tecolutla field is capable of delivering high volumes of fluid."

TEC-2 is an existing well that produced for 60 years from 1956 until January, 2016, without the use of artificial lift and was shut-in by the previous operator. TEC-2 is located approximately 800 metres north of the recently drilled TEC-10 well.

Tonalli is also pleased to announce that completion operations on the newly drilled TEC-10 well (see press release dated May 7, 2018) have commenced. Production testing of the TEC-10 well will be performed over the next few weeks as part of completion operations. Results of this test will be announced when further information becomes available.

Through its joint venture, International Frontier was one of the first foreign companies to participate in Mexico's historic reform of the oil and gas sector. The Tecolutla block was awarded to Tonalli on May 12, 2016, as part of the first round and third call of Mexico's oil and natural gas mature fields bid round -- the first in almost 80 years.

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 and Montana.

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