International Frontier Resources Corporation
International Frontier Resources Corporation (“IFR” TSX- V) announces that the C
Corporate-news announcement sent by DGAP.
The sender is solely responsible for the contents of this announcement.
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FOR IMMEDIATE RELEASE
April 1, 2004
Calgary, Alberta
International Frontier Resources Corporation (“IFR” TSX- V) announces that the
Company has agreed to purchase two operated properties in southern Alberta. The
first property in the Brooks area consists of a 75% working interest in six
producing oil wells, three water disposal wells, three shut-in wells and related
oil battery facilities. The Brooks property was purchased for a cash
consideration of $881,000. Pursuant to the sale and purchase agreement dated
March 31, 2004 closing is subject to industry standard due diligence being
completed on or before the closing date of April 27th, 2004. Current production
from the property is 50 BOPD.
In the Ferguson area of southern Alberta the Company has agreed to buy a 100%
interest in two producing oil wells, one suspended oil well, one water source
well , one water injection well and related facilities and equipment for a cash
consideration of $75,000. A letter of intent dated March 16, 2004 has been
executed; a sale and purchase agreement is currently being finalized with
closing scheduled on or before April 30th, 2004. The property currently produces
11 BOPD.
The two properties provide a platform to test Sidox, a patented oil production
enhancement technology that IFR controls through their wholly owned subsidiary
Sidox Chemicals Canada Ltd. The Company plans to commence a Sidox pilot project
on the properties in the second quarter.
To finance the production acquisitions the Company plans to issue up to
$1,000,000 in convertible redeemable debentures. The terms of the debentures
are; four year term, 9.5 % interest rate, convertible into common shares in year
1 at $0.60, year 2 at $0.65, year 3 at $0.70 and year 4 at $0.75. The
debentures will carry a floating charge over the assets of the Company and can
be redeemed by the Company for face value plus interest. Holders of the
debenture have 30 days from date of redemption notice to either convert into
common shares at the annual share price conversion rate or elect to have the
debenture redeemed. Directors and management will participate for a minimum
fifty percent (50%) of the debenture issue. The issuance of the Debenture is
subject to TSX Venture Exchange approval.
Subject to TSX Venture Exchange approval the Company will also grant 200,000
stock options at a price of $0.45 per share exercisable for a five year period.
For additional information visit the Company’s web site at
www.internationalfrontier.com or contact:
Pat Boswell Mark
Powell
President VP
Exploration
403-215-2780 403-215-2783
The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of the contents of this news release. This news
release is not intended for distribution to US news wire services or for
dissemination in the United States and does not constitute an offer of the
securities described herein.
end of message, (c)DGAP 04.04.2004
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WKN: A0BLKT; ISIN: CA4599761067; Index:
Listed: Freiverkehr in Berlin
040839 Apr 04
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