International Frontier Resources Corporation
International Frontier Resources Corporation (IFR) is a Canadian publicly traded company with a demonstrated track record of advancing oil and gas projects. Through its strategic joint venture, Tonalli Energia, with Mexican petrochemical leader Grupo IDESA, it is advancing the development of petroleum and natural gas assets in Mexico.
IFR and Grupo IDESA are fully aligned, with each owning a 50% partnership stake in Tonalli. Tonalli was one of the first companies to secure rights to develop some of Mexico's established onshore assets. In the first onshore bid round, it won the rights to tap into the 7.2 square kilometer Tecolutla block, which contains an oil reservoir at 2,340 meters or approximately 7,700 feet.
In addition to its Tecolutla oil asset, Tonalli is assessing upcoming oil and gas opportunities in Mexico, including bid rounds and joint ventures.
IFR Growth Strategy
Management and Directors
Steve Hanson, President & Chief Executive Officer
With over 20 years of finance and corporate development experience, Mr. Hanson has been President of Discovery Management Services Ltd. since 2002. Mr. Hanson served as Chairman and Managing Director of Van Arbor Asset Management, and was President and CEO of PanAsian Petroleum. Mr. Hanson was a Director of Lion Petroleum Corp. He has served on numerous private and public company boards.
Tony Kinnon, Chairman and Vice President of Business Development
Mr. Kinnon has over 20 years of experience in the financial services industry. He was Managing Director, Energy Banking at PI Financial, and Director of Public Venture Capital at both Macquarie Private Wealth and Richardson Partners.
Andy Fisher, Chief Operating Officer and Director
Mr. Fisher has over twenty-five years of intensive and varied experience in the oil and gas industry. He was Founder and Executive Vice President of Arcan Resources Ltd. Formerly Vice President International Contracts and Negotiation of Pacalta Resources Ltd.
Margaret Souleles, CA, Chief Financial Officer
Prior to joining the Company Ms. Souleles spent eight years in the audit department of Grant Thornton LLP.
Dr. Gary Lyons, Vice Chairman and Independent Director
Ignacio Quesada, Independent Director
Colin Mills, Independent Director
R. Glenn Dawson, Independent Director
On October 24, 2018, International Frontier Resources Corp. announced that its joint venture, Tonalli Energia, has entered into a joint bidding agreement with Servicios de Extraccion Petrolera Lifting de Mexico SA de CV (Lifting MX), a subsidiary of leading oil and gas services provider Cotemar SA de CV. Under the terms of the agreement, the two companies will co-operate in evaluating and participating in the coming Petroleos Mexicanos (Pemex) farmout bid rounds, scheduled for Feb. 14, 2019.
On October 18, 2018, International Frontier Resources Corp. announced that its joint venture, Tonalli Energia, has secured the necessary approvals for its first conventional horizontal (TEC-11) well at Tecolutla.
On September 26, 2018, International Frontier Resources Corporation announced that it has entered into a share option agreement with its joint venture partner, Grupo IDESA, S.A de C.V. (“IDESA”) pursuant to which IFR’s wholly-owned Mexican subsidiary, Petro Frontera, S.A.P.I. de C.V. (“Frontera”) was granted the option to purchase all of the outstanding shares in the joint venture company, Tonalli Energia S.A.P.I. de C.V. (“Tonalli”) held by IDESA. Through Frontera, IFR holds 50% of the outstanding Tonalli shares, with IDESA holding the remaining 50%. Tonalli holds the license contract for onshore oil and gas development Block 24, the Tecolutla Block, located in the state of Veracruz, Mexico.
On August 7, 2018, International Frontier Resources Corp. has released the results of the extended testing operation of the TEC-10 well drilled by its joint venture, Tonalli Energia, at the Tecolutla onshore oil and gas block in Mexico. Daily oil production of the TEC-10 well increased throughout the extended production test from the initial low-flow rates observed on July 23, 2018, to more than 175 barrels of oil per day at the end of the production test on Aug. 6, 2018.
On July 23, 2018, International Frontier Resources Corp. has provided an operations update on its Mexican joint venture, Tonalli Energia, and its onshore oil and gas block Tecolutla. At Tecolutla, Tonalli has finalized the completion of three intervals in its first evaluation well, TEC-10.
On July 17, 2018, International Frontier Resources Corp. announced that it has appointed a new independent director, R. Glenn Dawson, to its board of directors. Mr. Dawson brings 38 years of oil and gas exploration and management experience in the North American hydrocarbon basins to International Frontier Resources' board.
On June 20, 2018, International Frontier Resources Corp. joint venture Tonalli Energia, in partnership with Mexican petrochemical leader Grupo IDESA, has moved its service equipment for stimulation and production testing after successfully receiving a perforation permit for the TEC-10 well.
Tonalli will test up to three prospective zones in the TEC-10 well as part of the completion program. The completion and testing operation is expected to last 14 days to 21 days dependent upon weather and service execution.
On May 16, 2018, International Frontier Resources Corp. joint venture Tonalli Energia, in partnership with Mexican petrochemical leader Grupo IDESA, has released production test results of its workover of the previously drilled TEC-2 well.
On May 09, 2018, International Frontier Resources Corp.'s joint venture, Tonalli Energia, has registered and been granted access to the data room for the second tender of Round 3 (Round 3.2) of Mexico's oil and gas energy reform by the National Hydrocarbons Commission (CNH). Tonalli is in the process of analyzing and assessing block data and completing documentation in anticipation of entering the bidding process. Concessions are to be awarded in September, 2018, under a licence contract model. The licences for exploration and production will last 30 years and can be extended for two additional terms of five years each.
On May 07, 2018, International Frontier Resources Corp.'s joint venture Tonalli Energia 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.
On April 24, 2018, International Frontier Resources Corp. has released its financial and operating results for the three months and year ended Dec. 31, 2017. International Frontier Resources achieved several strategic objectives in 2017. With an increased focus on Mexico's energy reform, International Frontier Resources successfully executed on its strategy to be a first mover. Through its joint venture company, Tonalli Energia, which was formed in partnership with Mexican petrochemical leader Grupo IDESA, International Frontier Resources built a solid foundation from which to emerge as an energy leader in Mexico.
On April 24, 2018, International Frontier Resources Corp. has released its financial and operating results for fourth quarter 2017 and year ended Dec. 31, 2017. In addition, the Corporation announced the filing of its Annual Information Form ("AIF") for the year ended December 31, 2017, which contains the Corporation's reserves and other oil and natural gas information. The AIF, financial statements and MD&A are available for review at www.sedar.com and on the Corporation's website at www.internationalfrontier.com.
On April 12, 2018, International Frontier Resources Corp. announced that in partnership with Mexican petrochemical leader Grupo IDESA, Tonalli Energia ("Tonalli") has spudded its first evaluation well, TEC-10, at its onshore Tecolutla block.