International Frontier Resources and Kinjal sign $30M credit agreement with Summit Ridge Capital Partners

Calgary, Alberta--(Newsfile Corp. - September 28, 2026) - International Frontier Resources Corporation (TSXV: IFR) ("IFR") and Kinjal Corporation ("Kinjal") are pleased to announce that Petro Frontera S.A.P.I. de C.V. ("Petro Frontera"), an IFR subsidiary that will become a subsidiary of Kinjal upon completion of the proposed reverse takeover of IFR by Kinjal (the "RTO Transaction"), has entered into a binding credit agreement dated September 25, 2026 (the "Credit Agreement") with Summit Ridge Capital Partners, through Summit Ridge Capital Partners Fund I LP ("Summit Ridge").

The Credit Agreement provides Petro Frontera with access to up to US$30 million, with US$25 million immediately available upon satisfaction of the conditions precedent and provision for a further US$5 million, expected to be drawn before December 2026, subject to mutual agreement between the parties.

The senior secured facility is intended principally to finance the acquisition of the Misión asset and the associated initial work program in the field. The facility has an initial maturity of 18 months, with no scheduled principal repayments during the first 12 months. Further, Kinjal and Summit Ridge have entered into a letter of intent which provides for the maturity of US$17 million of the principal amount of the loan to be extended to a term of up to 5 years, subject to mutual consent.

In connection with the facility, and subject to TSX Venture Exchange acceptance, the Resulting Issuer will issue to the lenders up to 3.6 million warrants, each exercisable to acquire one common share at C$1.05 per share for three years, subject to adjustment.

Together with the proceeds from the previously completed equity financing by Kinjal and IFR, which are currently held in escrow, the facility is expected to provide sufficient funding to complete the previously announced acquisitions and farm-in transactions involving Misión, Tecolutla/Tonalli and the CS.06 and A10.CS blocks, and to fund the initial work programs required to increase positive cash flow from those assets.

Management Commentary

Warren Levy, Kinjal's CEO, commented, "Summit Ridge's support is a strong endorsement of Kinjal's plan in Mexico. Together with the equity proceeds currently held in escrow, the facility will provide the capital required to complete our announced acquisitions and farm-ins and commence the initial work programs designed to unlock the real value of the portfolio. We remain focused on satisfying the remaining regulatory conditions over the coming weeks."

Christopher Park, Chief Executive Officer of Summit Ridge Capital Partners, commented, "Summit Ridge has completed extensive technical and legal due diligence on Kinjal's Mexican assets and transaction plans. We are excited to support Kinjal's entry into Mexico's evolving onshore gas market and its work in helping to develop reliable domestic gas supply."

Conditions to Initial Funding

The initial US$25 million advance remains subject to the satisfaction or waiver of the conditions precedent set out in the Credit Agreement. These include, but are not limited to, the shareholders of Kinjal Corporation having approved the reverse takeover transaction involving Kinjal Corporation (the "RTO"); all regulatory approvals required to complete the RTO having been obtained, and the TSX Venture Exchange having issued its conditional acceptance of the RTO Transaction and the continued listing of the common shares of the Resulting Issuer; receipt of the required approvals from Petróleos Mexicanos ("PEMEX") and Mexico's Secretariat of Energy ("SENER"); and a technical swap agreement with PEMEX.

Completion of the RTO Transaction and the underlying acquisition and farm-in transactions remain subject to a number of conditions, including the Exchange's acceptance, receipt of required Mexican governmental, PEMEX and third-party approvals, and, if applicable, disinterested shareholder approval. Where applicable, a transaction cannot close until the required shareholder approval has been obtained. There can be no assurance that the RTO Transaction, the acquisitions or farm-ins, the release of the escrowed equity proceeds, or any advance under the Credit Agreement will be completed or made available as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the RTO Transaction, any information released or received with respect to the RTO Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of IFR should be considered highly speculative.

The Exchange has in no way opined upon the merits of the proposed RTO Transaction and has neither approved nor disapproved the contents of this news release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Summit Ridge Capital Partners

Summit Ridge Capital Partners is a well-recognized Latin America-focused lender. Additional information about Summit Ridge is available at www.summitridgecp.com .

About Kinjal

Kinjal is a private oil and gas company incorporated under the laws of Ontario and focused on Mexican upstream oil and gas opportunities. Kinjal intends to pursue the previously announced acquisitions and farm-in transactions involving Misión, Tecolutla/Tonalli and the CS.06 and A10.CS blocks.

About International Frontier Resources Corporation

International Frontier Resources Corporation is a Canadian publicly traded oil and gas company focused on the acquisition and development of energy assets. Through its Mexican subsidiary, Petro Frontera, IFR has been advancing petroleum and natural gas assets in Mexico.

IFR's shares are listed on the Exchange under the symbol IFR.

For further information contact:

Kinjal Corporation - Warren Levy, wlevy@kinjalgas.com International Frontier Resources - Tony Kinnon, tkinnon@internationalfrontier.com

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking information") within the meaning of applicable securities laws. Any statements in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information is often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects" and similar expressions.

More particularly and without limitation, this news release contains forward-looking information concerning: the satisfaction or waiver of the conditions precedent under the Credit Agreement; the availability and timing of the initial US$25 million advance; the possible availability of a further US$5 million subject to the parties' mutual agreement; the intended use of proceeds; the release of the equity financing proceeds from escrow; the expected sufficiency of the debt and equity financing to complete the announced acquisitions and farm-in transactions and fund initial work programs; completion of the RTO Transaction; completion of the Misión, Tecolutla/Tonalli, CS.06 and A10.CS transactions; receipt of required Exchange, PEMEX, SENER, shareholder and third-party approvals; entry into the contemplated offtake and technical swap arrangements; the expected ownership of Petro Frontera following completion of the RTO Transaction; and Kinjal's plans to develop and optimize the value of its assets.

IFR cautions that all forward-looking information is inherently uncertain. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated. This forward-looking information reflects IFR's current beliefs and is based on information currently available to IFR and on assumptions IFR believes are reasonable, including assumptions concerning the validity and enforceability of the Credit Agreement; the ability of Petro Frontera, IFR, Kinjal and the other applicable parties to satisfy or waive the conditions precedent; Summit Ridge's performance of its obligations under the Credit Agreement; the receipt and continued effectiveness of required approvals and consents; completion of the RTO Transaction and the announced acquisitions and farm-ins; release of the equity financing proceeds from escrow; the availability and cost of capital, personnel, services, equipment and infrastructure; the accuracy of technical, operational and financial information relating to the assets; commodity prices, exchange rates, interest rates and applicable tax laws; and the regulatory, fiscal, political and operating environment in Mexico.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. Such risks and factors include, but are not limited to: failure to satisfy or waive the conditions precedent under the Credit Agreement; delay or failure of Summit Ridge to fund an advance; the discretionary nature of the potential further US$5 million; failure to release the equity proceeds from escrow; failure to complete the RTO Transaction or the announced acquisitions and farm-ins on the contemplated terms or at all; delay or failure to receive required Exchange, PEMEX, SENER, shareholder or third-party approvals; failure to enter into the contemplated offtake or technical swap arrangements; an event of default or material adverse effect; the debt and equity financing proving insufficient for the intended purposes; the cost and timing of the initial work programs; geological, technical, drilling, processing, infrastructure and operational risks; fluctuations in oil and natural-gas prices, interest rates and exchange rates; governmental regulation and political, fiscal, social, environmental and security risks in Mexico; actions of counterparties, operators and industry partners; competition; capital-market conditions; the availability and cost of qualified personnel, equipment and services; and the other risks inherent in the oil and natural-gas industry.

A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in IFR's disclosure documents on the SEDAR+ website at www.sedarplus.ca . Readers are cautioned that the foregoing list is not exhaustive and are further cautioned not to place undue reliance on forward-looking information. The forward-looking information in this news release is expressly qualified by this cautionary statement and represents IFR's expectations as of the date of this news release. IFR expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Other Cautionary Statements

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This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OF AMERICA.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/316296

TMX Newsfile

September 28, 2026 - 5:31 AM PDT

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