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International Frontier loses $3.05-million in 2022

2023-05-16 14:02 ET - News Release

Mr. Tony Kinnon reports


International Frontier Resources Corp. has released its financial and operating results for the three months and year ended Dec. 31, 2022. In addition, the company today announces the filing of its Annual Information Form ("AIF") for the year ended December 31, 2022, 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 at www.sedar.com and on the Company's website at www.internationalfrontier.com. All dollar figures are in Canadian dollars.

The Company reported a consolidated net loss of $463,695 ($0.01 loss per share) for the three months ended December 31, 2022 compared to a net loss of $538,205 ($0.00 per share) for the same period in 2021 and consolidated net loss for the year ended December 31, 2022 of $3,058,575 ($0.01 loss per share) as compared to a consolidated net loss of $986,880 ($0.00 loss per share) at December 31, 2021. In 2022, the Company had a net loss from operations of $625,815.

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, Alberta and Montana.

The Company's shares are listed on the TSX Venture, trading under the symbol IFR. For additional information please visit www.internationalfrontier.com.

Trading Halt

Trading in IFR Shares on the TSXV is halted and will remain halted until the documentation required by the TSXV in relation to the Company's pending transactions previously announced on May 9, 2023 have been reviewed and accepted by the TSXV.

We seek Safe Harbor.

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