CALGARY, ALBERTA--(Marketwire - Jan. 22, 2013) -International Frontier Resources Corporation (the "Company") (TSX VENTURE:IFR) reported today that Purchase and Sale Agreements have now been completed with ten Vendors to acquire their Mineral Titles ("Fee Acreage") located in Glacier County, NW Montana. The Company conducted a title review of the Vendor's acreage that identified various title defects, as certain title defects were not cured by the Vendor's the Company reduced the amount of acreage from 22,680 acres to 15,200 acres. The cost to acquire the Fee Acreage was $2.3 million, or $151.87 per acre, versus up to $4.2 million at $186.33 per acre as previously reported by the Company.
The Fee Acreage is located in the Alberta Basin Bakken/Exshaw tight-light-oil-play fairway that stretches 140 miles from Glacier County north to Clareholm Alberta. To date 175 wells have been licensed and/or drilled on the play fairway. The most notable discovery is DeeThree Exploration's Bakken light oil pool in the Ferguson area of SW Alberta. Ferguson is located 13 miles north of the Montana border, the Company owns Fee Acreage that adjoins the Montana - Alberta border