Josef Schachter International Frontier Resources IFR-X BUY Jul 20, 2007

They are waiting for Husky, the operator, to make some announcements. Land issues in the area. Also working on some UK deals to get them farmed out. A fabulous story for business risk oriented accounts. Use a 3/5-year investment time horizon.

Likes this story. Will be drilling high impact oil play in Nov/Dec with the Lundines, which may have a 1 in 5 chance. Will also be drilling in Jan/Feb with Husky as the operator in the North West Territories. Well financed. Higher risk with 1 in 10 type of chances.

Have 2 wells they are going to be drilling in the North West Territories. Also in the North Sea. Company is sitting with $.40 to $.50 of cash. Stock is cheap. A higher Beta name. This is a tax loss name that you should keep an eye on.

Involved in the UK North Sea. In the process of drilling a well with the Lundins that is very important. In about 1 month will start working with Husky (HSE-T) in the North West Territories. Between the winters of 2008 and 2009, you will have a good shot if they have any kind of drilling success. Speculative. May have $.50 in cash per share.