International Frontier Resources Corporation and Kinjal Corporation Announce Execution of the Definitive Sale and Purchase Agreements for the Acquisition of Mision Field

(TSXV: IFR) International Frontier Resources Corporation's wholly owned subsidiary, Petro Frontera, has executed definitive sale and purchase agreements with Tecpetrol Operaciones and Industrial Perforadora de Campeche for the acquisition of 100% of the share capital of Servicios Múltiples de Burgos, S.A. de C.V., which holds the Misión Field asset. SMB is the operator and holder of a 49% working interest, and together with partner PEMEX, holds the contract with the Secretariat of Energy of the United Mexican States for the Exploration and Extraction of Hydrocarbons under the modality of a Production-Sharing Arrangement CNH-M3-Misión/2018, dated March 2, 2018. Misión is the largest privately operated natural gas field on land in Mexico, currently producing approximately 60 MMcf/d gross (10,000 boepd gross) with condensate volumes. There is potential to restore production toward ~120 MMcf/d gross (20,000 boepd gross) through development drilling, recompletion program, and field optimization. Both sale and purchase agreements (for 24.5% and 24.5% respectively) have been executed on substantially similar terms. PF and Tecpetrol have also executed a detailed transitional services agreement to ensure a seamless handover of SMB's business to PF, effective as of the closing date and continuing for a period of three months, with an option to extend for a further three months at PF's option. Closing of the SMB acquisition is still subject to a number of conditions precedent, including PEMEX's waiver of their right of first refusal and SENER's approval of change of operatorship.