International Frontier Resources Corporation (TSXV:IFR,OTCQB:IFRTF) announced today the results of the Mexican Energy Reform Onshore Bid Round 2.3 completed on July 12, 2017. Although highly competitive, IFR through its jointly owned Mexican company Tonalli Energia (“Tonalli”) was not awarded any licenses.
Tonalli placed second in bidding on Block CS-03 and came in third place on Blocks CS-02 and CS-04. The documentation submitted for Block CS-03 will remain with the Comision Nacional de Hidrocarburos (CNH) and Tonalli will be awarded this block if the winner is unable to meet its bid round completion requirements 150 days from today.
Steve Hanson, IFR’s President and CEO and Director of Tonalli Energia said, “We continue to be confident in our business strategy and look forward to participating in upcoming bid rounds and PEMEX farmouts later this year. The bid round process and analysis gave our team valuable in-country data strongly confirming our belief the opportunity provided by the Mexican Energy Reform remains compelling. We continue to focus on advancing our Block Tecolutla and expect to be drilling our first well this fall.”
IFR was one of the first foreign companies to participate in the historic reform of Mexico’s oil and gas sector. Last year, Tonalli assumed operatorship of the Tecolutla block from state-owned PEMEX. Tecolutla was acquired through a 50-50 joint venture with Mexican petrochemical leader Grupo IDESA in last year’s onshore block auction.
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.
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President and CEO