IFR Reports 2020 First Quarter Financial Results

Nachrichtenquelle: globenewswire
28.05.2020, 01:28  |  197   |   |   

CALGARY, Alberta, May 27, 2020 (GLOBE NEWSWIRE) -- International Frontier Resources Corporation (“IFR” or the “Company”) (TSXV: IFR) (OTCQB: IFRTF) reported today its financial and operating results for the three months ended March 31, 2020. Selected financial and operational information is set out below and should be read in conjunction with IFR’s March 31, 2020 interim financial statements and the related management’s discussion and analysis (“MD&A”). The financial statements and MD&A are available for review at www.sedar.com and on the Corporation’s website at www.internationalfrontier.com. All dollar figures are in Canadian dollars.

The Company reported a consolidated net loss of $223,615 ($0.00 loss per share) for the three months ended March 31, 2020 compared to a net loss of $588,960 ($0.00 per share) for the same period in 2019. In the three months ended March 31, 2020 the Company had a negative cashflow from operations of $17,475 and received gross proceeds of $690,405 from a rights offering in January 2020.

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, 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 press release contains forward‐looking statements and forward‐looking information (collectively "forward‐looking information") within the meaning of applicable securities laws relating to the Company's plans, strategy, business model, focus, objectives and other aspects of IFR's anticipated future operations and financial, operating and drilling and development plans and results, including, expected future production, production mix, reserves, drilling inventory, net debt, cash flow, operating netbacks, decline rate and decline profile, product mix, capital expenditure program, capital efficiencies, commodity prices, tax pools and targeted growth. In addition, and without limiting the generality of the foregoing, this press release contains forward‐looking information regarding: anticipated cost savings and operational efficiencies; anticipated capital cost estimations; the focus and allocation of IFR's 2017 capital budget; anticipated production rates, available free cash flow, management's view of the characteristics and quality of the opportunities available to the Company; and other matters ancillary or incidental to the foregoing.

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