CALGARY, Alberta, Jan. 31, 2020 (GLOBE NEWSWIRE) -- International Frontier Resources Corporation (“IFR” or the “Company”) (TSX‐V: IFR) (OTCQB: IFRTF), today announced it has signed a two year Cooperation Agreement with leading oilfield service provider SIMMONS EDECO (“SIMMONS”).
Through this strategic alliance, IFR and SIMMONS will work together to pursue oil and gas opportunities in the Mexican market primarily focused on upstream oil and gas, as well as midstream and service contract opportunities.
“We are very proud and excited to be working in collaboration with SIMMONS, a leading driller in the Mexican oil and gas services sector,” stated Tony Kinnon Chairman of IFR. “We are especially pleased with SIMMONS’ confidence in the IFR and Tonalli team and our business plan based on a strategy to bring technology and capital, combined with local expertise, to Mexico to continue building a portfolio of cash flowing energy assets.”
“SIMMONS is excited to work together with a partner such as IFR/Tonalli to pursue opportunities in Mexico,” said Niels Versfeld CEO of SIMMONS. “This is a concrete example of our commitment to provide innovative solutions through partnerships that create value for customers, the communities where we operate and shareholders.”
As part of the Cooperation Agreement, SIMMONS may provide investment capital, drilling rigs and oil field services to new joint opportunities. Specifically, within the Cooperation Agreement SIMMONS has agreed that it may provide:
- Access to Simmons drilling services which includes a fleet of fully equipped rigs, as well as other services already operating in Mexico with planned expansions.
- Simmons would take economic risk in exchange for providing these services.
- Capital contributions, ideally between $2-$5 million, towards acquisition and development of assets in exchange for beneficial rights from the asset.
- Support in the negotiation and execution of contracts to secure assets and implementation of projects.
- Secure operational bases and local staff based in Villahermosa and Poza Rica, Mexico.
As part of the Cooperation Agreement, IFR agrees that it may provide:
- Status as one of the few qualified operators in Mexico.
- Lead representation in the negotiation execution of contracts to secure assets and implementation of projects.
- Technical and operational expertise and staff in order to evaluate, develop and operate assets.
- Capital contributions either directly or through additional partnerships.
SIMMONS previously provided drilling services to IFR’s Mexican joint venture Tonalli Energia and has been providing onshore drilling services in Mexico since 2015. As a qualified operator, IFR has a proven track record and established oil and gas business in Mexico, and is focused on expanding its opportunities in the upstream and midstream oil and gas sector.
About SIMMONS EDECO
With headquarters in Calgary, Alberta Canada, and celebrating its 57th anniversary in business, SIMMONS EDECO is a privately-owned oilfield service company providing services to an international customer base of major oil companies and large independent producers around the world. SIMMONS EDECO is currently focused on onshore drilling, workover and completion services.
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 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 Exchange, 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 | or | Tony Kinnon – Chairman |
| (403) 215-2780 | (403) 215-2780 | |
| shanson@internationalfrontier.com | tkinnon@internationalfrontier.com |
Forward Looking Statements
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the Offering and the potential use of proceeds. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects IFR’s current beliefs and is based on information currently available to IFR and on assumptions IFR believes are reasonable. These assumptions include, but are not limited to: the underlying value of IFR and its Common Shares, TSX Venture Exchange final approval of the Offering, IFR’s current and initial understanding and analysis of its projects and the exploration required for such projects; the costs of exploration and drilling on IFR’s projects; IFR's general and administrative costs remaining constant; and the market acceptance of IFR's business strategy. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of IFR to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; geological, technical, drilling and processing problems; general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting IFR; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in IFR’s disclosure documents on the SEDAR website at www.sedar.com. Although IFR has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of IFR as of the date of this news release and, accordingly, is subject to change after such date. However, IFR expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
“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.