NEW YORK, November 15, 2017 /PRNewswire/ --

According a recent report published by The International Energy Agency, the United States is expected to become the world's leader in oil and gas production by the mid-2020s as shale production will increase dramatically during the forecast years. The IEA predicted that shale-output will increased 34 percent to 9 million barrels a day by 2025. The shale oil market in U.S. is booming due to technological advances from its shale fields. "A remarkable ability to unlock new resources cost-effectively pushes combined United States oil and gas output to a level 50% higher than any other country has ever managed," the IEA said on Tuesday. International Frontier Resources Corp. (OTC: IFRTF), Encana Corp (NYSE: ECA), WPX Energy Inc (NYSE: WPX), Chesapeake Energy Corporation (NYSE: CHK), Southwestern Energy Company (NYSE: SWN)

Oil price had recovered to a 28-month high above $60 last week due to expectation that the Organization of the Petroleum Exporting Countries and Russia will extend its agreement in oil production cut. The IEA predicted in its annual World Energy Outlook that the United States is projected to become the world's largest LNG exporter and a net oil exporter by the end of that decade. According to Bloomberg, IEA Executive Director Fatih Birol said in an interview with Bloomberg television: "The United States will be the undisputed leader of global oil and gas markets for decades to come."

International Frontier Resources Corp. (OTCQB: IFRTF) is also listed on the TSX Venture Exchange under the ticker symbol 'IFR'. Over the summer the company announced that, "the results of the Mexican Energy Reform Onshore Bid Round 2.3 completed on July 12, 2017. Although highly competitive, IFR through its jointly owned Mexican company Tonalli Energia ("Tonalli") was not awarded any licenses.

Tonalli placed second in bidding on Block CS-03 and came in third place on Blocks CS-02 and CS-04. The documentation submitted for Block CS-03 will remain with the Comision Nacional de Hidrocarburos (CNH) and Tonalli will be awarded this block if the winner is unable to meet its bid round completion requirements 150 days from today.

Steve Hanson, IFR's President and CEO and Director of Tonalli Energia said, "We continue to be confident in our business strategy and look forward to participating in upcoming bid rounds and PEMEX farmouts later this year. The bid round process and analysis gave our team valuable in-country data strongly confirming our belief the opportunity provided by the Mexican Energy Reform remains compelling. We continue to focus on advancing our Block Tecolutla and expect to be drilling our first well this fall."

IFR was one of the first foreign companies to participate in the historic reform of Mexico's oil and gas sector. Last year, Tonalli assumed operatorship of the Tecolutla block from state-owned PEMEX. Tecolutla was acquired through a 50-50 joint venture with Mexican petrochemical leader Grupo IDESA in last year's onshore block auction.

Encana Corp (NYSE: ECA) announced recently that it has successfully started up the Tower processing plant ahead of schedule and under budget on September 20. The plant is the first of three Veresen Midstream facilities that support Encana's condensate-focused growth plan in the Montney. The Tower facility is in the process of ramping up. The two other new plants, Sunrise and Saturn, are also ahead of schedule and under budget with Sunrise expected to start up by mid-October and Saturn before year-end. "The Tower plant startup, delivered ahead of schedule and under budget, is an important milestone in our strategy and five-year plan," said Doug Suttles, Encana President & CEO. "Liquids growth in the Montney is a key driver in expanding our corporate margin and delivering quality returns."

WPX Energy Inc (NYSE: WPX) is an oil and natural gas exploration and production company. The Company is engaged in the exploitation and development of unconventional properties. It operates in the exploration and production segment of the oil and gas industry and its operations are conducted in the United States. In the third-quarter 2017 oil production of 64,800 barrels per day grew 11 percent vs. the most recent quarter and was up 67 percent vs. a year ago. Current oil production is approximately 75,000 bbl/d following 10 wells with first sales after the quarter closed. WPX has increased its full-year expectations for oil volumes to 59-62 Mbbl/d. Additional details are available in the guidance section of this release.

Chesapeake Energy Corporation (NYSE: CHK) reported a net loss available to common stockholders of $41 million, or $0.05 per diluted share for the 2017 third quarter, while the company's EBITDA for the 2017 third quarter was $345 million. Doug Lawler, Chesapeake's Chief Executive Officer, commented, "We continue to improve our capital efficiency and cost structure as we drive toward free cash flow neutrality. We have recognized greater productivity across our diverse portfolio through technical innovation and the tenacity of our employees and, accordingly, we are expanding our core position in every operated play. On October 30, 2017, total production reached 584,000 boe per day, including 99,000 barrels of oil and we remain on track to average 100,000 barrels of oil per day in the fourth quarter."

Southwestern Energy Company (NYSE: SWN) announced final announced final results and expiration of the previously announced cash tender offers to purchase (i) any and all of the Company's 4.05% senior notes due 2020 (the "2020 Notes") and (ii) up to an amount of the Company's 4.10% senior notes due 2022 (the "2022 Notes") and 4.95% senior notes due 2025 (the "2025 Notes") equal to $800 million (subject to increase by the Company, the "Threshold Amount") less the aggregate purchase price paid for the 2020 Notes accepted for purchase, excluding accrued interest. Because the Maximum Aggregate Purchase Price exceeds the Threshold Amount, no 2022 Notes or 2025 Notes will be accepted for purchase in the Tender Offers.

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