CALGARY, ALBERTA–(Marketwired – April 11, 2014) – International Frontier Resources Corporation (the “Company”) (TSX VENTURE:IFR) today reported its financial results for the year ended December 31, 2013.
The Company recorded a consolidated net loss for the year ended December 31, 2013 of $267,190 ($0.004 per share) as compared to a consolidated net loss of $575,440 ($0.01 per share) at December 31, 2012. Excluding non-cash charges comprised of accretion, depletion, depreciation and share-based compensation the Company recorded a loss of $31,495 in 2013 versus $405,165 in 2012.
In 2013 oil revenue, net of royalties, was $792,800 compared to $752,390 in 2012. At December 31, 2013 cash and cash equivalents were $3,002,520 and working capital was positive $2,723,015.
In 2013 the Company increased its acreage position in the Central Mackenzie Valley, NWT from 48,500 gross, 11,500 net acres to 223,064 gross, 174,614 net acres. The Central Mackenzie Valley is host to an emerging exploratory shale oil play in the Canol Formation.
The Company’s audited financial statements, MD&A, a letter to shareholders and the annual NI 51-101 report can be found on SEDAR and on the Company’s updated website.
The Company’s shares are listed on the TSX Venture Exchange trading under the symbol IFR.
For further 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.
International Frontier Resources Corporation