International Frontier Resources Corp. (TSX-V: IFT) has signed formal agreements to the sale of 100% of the issued capital in their wholly owned UK subsidiary, Britcana Energy Ltd., to Nexen Petroleum UK Ltd. The purchase price for the share will be $5.0 million.
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Pursuant to the consideration for Britcana Energy, an initial payment of $3.0 million will be made; a $1.0 million payment made upon approval by the UK Department of Energy and Climate Change of a Field Development Plan for a joint or unitized development of the Bugle Field between the licensees of UKCS block 15/23c and block 15/23d; also a $1.0 million payment will be made on the sale of the first hydrocarbons attributed to Britcana’s participation in a joint or unitized development of blocks 15/23c and 15/23d.
The Company's business plan is to assemble an inventory of high impact oil & gas prospects in the Central Mackenzie Valley, Northwest Territories, Canada ("CMV") and in the U.K. sector of the North Sea.
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