Mr. Steve Hanson reports

INTERNATIONAL FRONTIER RESOURCES ANNOUNCES 2018 FOURTH QUARTER AND YEAR-END FINANCIAL AND OPERATING RESULTS AND CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

International Frontier Resources Corp. has released its financial and operating results for the three months and year ended Dec. 31, 2018. Selected financial and operational information is set out herein and should be read in conjunction with International Frontier's Dec. 31, 2018, audited annual financial statements and the related management's discussion and analysis (MD&A). In addition, the company today announces the filing of its annual information form (AIF) for the year ended Dec. 31, 2018, which contains the company'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 AIF, financial statements and MD&A are available for review on SEDAR and on the company's website.

Highlights:

International Frontier achieved several strategic objectives in 2018. With an increased focus on Mexico's energy sector, International Frontier successfully executed on its strategy to be a first mover. Through its joint venture company Tonalli Energia SAPI de CV, which was formed in partnership with Mexican petrochemical leader Grupo IDESA SAPI de CV, International Frontier built a solid foundation from which to emerge as an energy leader in Mexico.

International Frontier's achievements in 2018 include:

• In May, 2018, Tonalli successfully and safely reached total depth at its first evaluation well, TEC-10, on its onshore Tecolutla block. The TEC-10 directional evaluation well was drilled to the target depth of 2,453 metres (total vertical depth (TVD);, 2,490-metre measured depth).
• In August, 2018, Tonalli announced the results of the extended testing operation of the TEC-10 well.
• In September, 2018, Tonalli commenced the trucking of oil produced at its Tecolutla block for sale to Pemex.
• In September, 2018, the company entered into a share option agreement with its joint venture partner, IDESA, pursuant to which International Frontier's wholly owned Mexican subsidiary, Petro Frontera SAPI de CV, was granted the option to purchase all of the outstanding shares in the Tonalli joint venture company held by IDESA. Through Frontera, International Frontier holds 50 per cent of the outstanding Tonalli shares, with IDESA holding the remaining 50 per cent.
• In October, 2018, Tonalli secured the necessary approvals for its first conventional horizontal well, TEC-11, at Tecolutla.
• In November, 2018, Tonalli spudded the first conventional horizontal well, TEC-11, at its onshore Tecolutla block.
• In December, 2018, Tonalli reached total depth at its first conventional horizontal well, TEC-11, on its onshore Tecolutla block. The TEC-11 field development horizontal well was drilled to a depth of 3,283 metres (measured depth) and landed horizontally in the Cretaceous-aged El Abra formation limestone.

Financial highlights -- fourth quarter 2018 and year ended Dec. 31, 2018:

• The company reported a consolidated net loss of $6,324,000 (four cents per share) for the three months ended Dec. 31, 2018, compared with a net loss of $2,514,925 (two cents per share) for the same period in 2017.
• In the fourth quarter of 2018, the company had positive cash flow from continuing operations of $433,265, which excluded a $5,569,785 non-cash impairment charge.
• The impairment charge at Dec. 31, 2018, of $5,569,785 represents non-cash impairment costs associated with the company's significant discovery licences in the Northwest Territories.
• The loss from operations in the period included $295,905 in general and administrative costs and $63,000 incurred during the period in respect to the company's Mexico project.
• The company recorded a consolidated net loss for the year ended Dec. 31, 2018, of $8,861,450 (six cents per share), compared with a net loss of $3,382,755 (three cents per share) at Dec. 31, 2017.
• In 2018, the company had a net loss from operations of $1,710,655, including the impairment charge of $5,569,785 and a loss attributed to the company's investment in its Mexican joint venture, Tonalli, of $962,305.
• During the year, the company spent $4,626,355 for its 50-per-cent share to finance the company's joint venture in Mexico.
• Working capital at Dec. 31, 2017, was $5,483,330, including $426,630 of cash and cash equivalents.

                                            FINANCIAL RESULTS

                                                 Three months ended Dec. 31,        12 months ended Dec. 31,
                                                        2018           2017             2018           2017
Net (loss) and comprehensive (loss)
Net (loss)                                      $ (6,324,000)  $ (2,514,925)    $ (8,861,450)  $ (3,382,755)
(Loss) per share
Net (loss) per share                            $      (0.04)  $      (0.02)    $      (0.06)  $      (0.03)

Subsequent to year-end 2018:

The company also announces that, further to its news release dated April 2, 2019, International Frontier closed the first tranche of its previously announced non-brokered private placement of common shares on April 22, 2019, subject to final acceptance from the TSX Venture Exchange. International Frontier issued 11,064,500 common shares at a price of 9.5 cents per share, for gross proceeds of $1,051,128. The net proceeds from the private placement will be used to finance the company's continuing capital program, for further advances on International Frontier's Tecolutla project and for general working capital purposes. The common shares issued pursuant to the offering are subject to a hold period that expires on Aug. 23, 2019. Finders' fees of $1,995 were paid to arm's-length parties acting in connection with this tranche of the offering.

About International Frontier Resources Corp.

International Frontier is a Canadian publicly traded company with a demonstrated record of advancing oil and gas projects. Through its Mexican subsidiary, Frontera, and its 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.

We seek Safe Harbor.