IFR Joint Venture Enters Onshore Bid Round 2.3 of Historic Mexico Energy Reform

1/19/2017 Marketwired

energy - oil pumpsCALGARY, ALBERTA – International Frontier Resources Corporation (“IFR” or the “Company”) (TSX VENTURE:IFR)(OTCQB:IFRTF) today announced that its jointly owned Mexican company Tonalli Energia has registered and been granted access to the National Hydrocarbons Commission (CNH) data room for the third tender of Round Two of Mexico’s oil and gas energy reform. Tonalli is in the process of analyzing and assessing block data, and completing documentation in anticipation of entering the bidding process this spring. Concessions are to be awarded in July 2017 under a license contract model. The licenses for exploration and production will last 30 years and can be extended for a maximum of two additional terms of five years each.

The Mexican government announced the third tender of Round Two on November 14th which will be the eighth upstream bid round in Mexico since the energy reform began. Fourteen onshore blocks, averaging 185 km2 (72 sections) are available nationwide: six in the Southeastern Basin, four in the Burgos Basin, three in the Veracruz Basin and one block in the Tampico-Misantla Basin which offsets the Tecolutla Block.

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