CALGARY, Alberta, June 23, 2017 (GLOBE NEWSWIRE) -- International Frontier Resources Corporation (“IFR” or the “Company”) (TSX-V:IFR) (OTCQB:IFRTF) today announced that the Mexican energy regulator, the National Hydrocarbons Commission (CNH), has approved Tonalli Energia’s evaluation plan for Block 24 Tecolutla, which was part of the historic Round 1.3 tender process in Mexico’s energy reform. The evaluation plan outlines in detail the scheduled work program to develop Tecoluta.
“After many months of effort by our Mexican and Canadian team, we are pleased to achieve this major milestone,” said Steve Hanson, President and CEO of IFR. “We now await final approval of our drilling permit and have a clear path to spudding our first well and performing workovers.”
IFR was one of the first foreign companies to participate in the historic reform of Mexico’s oil and gas sector. Tecolutla was acquired through a 50-50 joint venture with Mexican petrochemical leader Grupo IDESA in last year’s onshore block auction. Tonalli Energia assumed operatorship of the Tecolutla block from state-owned PEMEX.
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’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.
“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.