News | January 31, 2020

IFR Forms Strategic Alliance With Oil Field Service Leader SIMMONS EDECO

International Frontier Resources Corporation ("IFR" or the "Company"), today announced it has signed a two year Cooperation Agreement with leading oilfield service provider SIMMONS EDECO ("SIMMONS").

Through this strategic alliance, IFR and SIMMONS will work together to pursue oil and gas opportunities in the Mexican market primarily focused on upstream oil and gas, as well as midstream and service contract opportunities.

"We are very proud and excited to be working in collaboration with SIMMONS, a leading driller in the Mexican oil and gas services sector," stated Tony Kinnon Chairman of IFR. "We are especially pleased with SIMMONS' confidence in the IFR and Tonalli team and our business plan based on a strategy to bring technology and capital, combined with local expertise, to Mexico to continue building a portfolio of cash flowing energy assets."

"SIMMONS is excited to work together with a partner such as IFR/Tonalli to pursue opportunities in Mexico," said Niels Versfeld CEO of SIMMONS. "This is a concrete example of our commitment to provide innovative solutions through partnerships that create value for customers, the communities where we operate and shareholders."

As part of the Cooperation Agreement, SIMMONS may provide investment capital, drilling rigs and oil field services to new joint opportunities. Specifically, within the Cooperation Agreement SIMMONS has agreed that it may provide:

  • Access to Simmons drilling services which includes a fleet of fully equipped rigs, as well as other services already operating in Mexico with planned expansions.
  • Simmons would take economic risk in exchange for providing these services.
  • Capital contributions, ideally between $2-$5 million, towards acquisition and development of assets in exchange for beneficial rights from the asset.
  • Support in the negotiation and execution of contracts to secure assets and implementation of projects.
  • Secure operational bases and local staff based in Villahermosa and Poza Rica, Mexico.

As part of the Cooperation Agreement, IFR agrees that it may provide:

  • Status as one of the few qualified operators in Mexico.
  • Lead representation in the negotiation execution of contracts to secure assets and implementation of projects.
  • Technical and operational expertise and staff in order to evaluate, develop and operate assets.
  • Capital contributions either directly or through additional partnerships.

SIMMONS previously provided drilling services to IFR's Mexican joint venture Tonalli Energia and has been providing onshore drilling services in Mexico since 2015. As a qualified operator, IFR has a proven track record and established oil and gas business in Mexico, and is focused on expanding its opportunities in the upstream and midstream oil and gas sector.

About SIMMONS EDECO
With headquarters in Calgary, Alberta Canada, and celebrating its 57th anniversary in business, SIMMONS EDECO is a privately-owned oilfield service company providing services to an international customer base of major oil companies and large independent producers around the world. SIMMONS EDECO is currently focused on onshore drilling, workover and completion services.

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 Exchange, trading under the symbol IFR and on the OTCQB under the symbol IFRTF. For more information, visit www.internationalfrontier.com.

Source: International Frontier Resources Corporation