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International Frontier Resources Corp
Symbol C : IFR
Shares Issued 151,022,385
Close 2018-09-13 C$ 0.15
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Int'l Frontier's Tonalli begins Tecolutla oil shipments

2018-09-13 10:27 ET - News Release

Mr. Steve Hanson reports

IFR JOINT VENTURE COMMENCES TECOLUTLA OIL SHIPMENTS AND FIRST CASH FLOW

International Frontier Resources Corp.'s Tonalli Energia joint venture has commenced trucking of oil produced at its Tecolutla block for sale to Pemex.

"Achieving crude oil sales and first cash flow is a major milestone in the ongoing development at the Tecolutla field," said Steve Hanson, president and chief executive officer of International Frontier Resources. "The efforts of our team and partners have validated IFR's investment at Tecolutla, and now we look forward to maximizing the returns from Tecolutla and demonstrating our ability to operate successfully in Mexico."

Operations update for Tecolutla:

  • Oil produced during the well testing phase is being trucked to Pemex's Ezequiel Ordonez facility, approximately 35 kilometres from the Tecolutla block. As announced on July 23, 2018, Tonalli recently entered into a crude oil commercialization agreement with Pemex.
  • Portable production equipment necessary to produce from the TEC-10 well has been procured and will be moved onsite to recommence production, scheduled to start in late September, 2018.
  • Encouraged by the surface flowing pressure of over 900 pound-force per square inch observed during testing of the TEC-10 well, Tonalli intends to analyze the feasibility of producing at a higher fluid rate to enhance well productivity. On Aug. 6, 2018, Tonalli completed an 18-day flow test of the primary zone interval producing 178 barrels of crude oil during the last 24 hours of the extended well test.

TEC-11 horizontal well

Tonalli is in the final stages of procurement planning for the upcoming TEC-11 well, the first horizontal well to be drilled at the Tecolutla block. Construction of the expanded TEC-2 pad, the drilling site for TEC-11, is nearing completion. Tonalli expects to spud TEC-11 in Q4 2018, pending final logistics and regulatory approvals.

TEC-11 will be drilled in the northern extension of the Tecolutla block, targeting a portion of the El Abra reservoir that has not been accessed previously due to surface topography. The well is designed to maximize contact of the horizontal leg of the wellbore with the upper portion of the prolific El Abra reservoir.

Through its joint venture with Grupo IDESA, International Frontier Resources 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 as part of the first round and third call of Mexico's oil and natural gas mature fields bid round.

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, International Frontier Resources is advancing the development of petroleum and natural gas assets in Mexico. International Frontier Resources also has projects in Canada and the United States, including the Northwest Territories and Montana.

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