CALGARY, Alberta, May 07, 2018 (GLOBE NEWSWIRE) -- International Frontier Resources Corporation (“IFR” or the “Company”) (TSX-V:IFR) (OTCQB:IFRTF) is pleased to announce that its joint venture Tonalli Energia (“Tonalli”) has successfully and safely reached total depth at its first evaluation well, TEC-10, on its onshore Tecolutla block, in partnership with Mexican petrochemical leader Grupo IDESA.
The TEC-10 directional evaluation well was drilled to the target depth of 2453m (Total Vertical Depth TVD, 2490m Measured Depth). Production casing has been successfully installed and the drilling rig was released on Friday May 4th, 2018.
TEC-10 Highlights include:
- The TEC-10 well encountered the top of the El Abra reef at 2315m TVD and drilled 138m of gross reef thickness.
- Wireline logs indicate 57 meters of the penetrated El Abra reef has above 3% porosity with an average porosity of 5.7%.
- There are multiple prospective intervals including a primary target interval in the upper El Abra with 13m of net reservoir with a porosity range of 6-18% (average 10.7% porosity). Tonalli is encouraged by the high porosity identified in the TEC-10 wireline logs. Furthermore, a visual inspection of the core taken from within this primary target interval has visible porosity and oil staining.
- Three intervals in the lower El Abra had indications of oil while drilling and porosity values indicated on wireline logs of between 3-6%. The lowest identified interval is at 2408m TVD which is 70m below the lowest produced interval at Tecolutla. It is encouraging to encounter oil indications deeper than originally expected in the El Abra reef. Ongoing completion operations are expected to determine the presence and deliverability of hydrocarbons at these deeper depths.
- Commencement of completion and production testing of the TEC-10 well is expected in mid May and will determine production rates and recovered fluid properties.
“The successful drilling of the TEC-10 well is a major milestone combining the efforts of our Mexican and Canadian team members, service contractors and partners,” said Steve Hanson, President and CEO of IFR and Director of Tonalli Energia.
Continuing analysis of wireline, imaging logs and core analysis will be utilized to verify the above interpretations, characterize the El Abra reservoir, refine the 3D seismic model, and identify the further potential of the Tecolutla block. IFR will provide an update on the results of the production tests when they become available.
The Tecolutla field is located within the Tampico-Misantla Basin, which has multiple reservoirs with diverse play types and access to existing infrastructure, market, service sector providers and an established supply chain.
IFR was one of the first foreign companies to participate in the historic reform of Mexico’s oil and gas sector when Tonalli was granted the right to operate, develop and produce hydrocarbons at Tecolutla through a licensing contract with the Mexican government.
About International Frontier Resources
International Frontier Resources Corporation (IFR) is a Canadian publicly traded company with a demonstrated track record of advancing oil and gas projects. Through its Mexican subsidiary, Petro Frontera S.A.P.I de CV (Frontera) 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.
The Company’s shares are listed on the TSX Venture, trading under the symbol IFR and on the OTCQB under the symbol IFRTF. For additional information please visit www.internationalfrontier.com.
For further information
Steve Hanson – President and CEO
Tony Kinnon – Chairman
Forward Looking Statements
This press release contains forward‐looking statements and forward‐looking information (collectively "forward‐looking information") within the meaning of applicable securities laws relating to the Company's plans, strategy, business model, focus, objectives and other aspects of IFR's anticipated future operations and financial, operating and drilling and development plans and results, including, expected future production, production mix, reserves, drilling inventory, net debt, cash flow, operating netbacks, decline rate and decline profile, product mix, capital expenditure program, capital efficiencies, commodity prices, tax pools and targeted growth. In addition, and without limiting the generality of the foregoing, this press release contains forward‐looking information regarding: anticipated cost savings and operational efficiencies; anticipated capital cost estimations; the focus and allocation of IFR's 2018 capital budget; anticipated production rates, available free cash flow, management's view of the characteristics and quality of the opportunities available to the Company; and other matters ancillary or incidental to the foregoing.
Forward‐looking information typically uses words such as "anticipate", "believe", “indicate”, "project", "target", "guidance", "expect", "goal", "plan”, "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future. The forward‐looking information is based on certain key expectations and assumptions made by IFR's management, including expectations concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; capital efficiencies; decline rates; future production rates and estimates of operating costs; performance of existing and future wells; reserve and resource volumes; anticipated timing and results of capital expenditures; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; the availability and cost of financing, labour and services; the impact of increasing competition; ability to market oil and natural gas successfully and IFR's ability to access capital.
Statements relating to "reserves" are also deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future.
Although the Company believes that the expectations and assumptions on which such forward‐looking information is based are reasonable, undue reliance should not be placed on the forward‐looking information because IFR can give no assurance that they will prove to be correct. Since forward‐looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward‐looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward‐looking information will transpire or occur, or if any of them do so, what benefits that the Company will derive there from. Management has included the above summary of assumptions and risks related to forward‐looking information provided in this press release in order to provide security holders with a more complete perspective on IFR’s future operations and such information may not be appropriate for other purposes.
Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect IFR's operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
These forward‐looking statements are made as of the date of this press release and IFR disclaims any intent or obligation to update publicly any forward‐looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
“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.
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