Ironhorse Announces Alberta Energy Regulator Approval and Asset Sale
CALGARY, Nov. 4, 2013 /CNW/ - Ironhorse Oil & Gas Inc. ("Ironhorse" or the "Company") (TSX-V: IOG) announces the following:
Ironhorse is pleased to announce that on October 31, 2013, the Alberta Energy Regulator (AER) approved Grizzly Resources Ltd.'s Application No. 1707770 and Sinopec Daylight Energy Ltd's Applications No.'s 1723456, 1723458, 1723460, 1723486, 1723491, 1759037, 1759038, 1759044, 1759045 as well as No. 1728964 and No. 1696239. These approvals will allow Ironhorse and its partners to drill and produce the 1-8 well location in twp 50 rge 6 w5m, as well as commence production from the wells at 14-5 and 9-5 twp 50 rge 6 w5m into the battery located at 13-2 in the same township. Grizzly Resources Ltd., operator of the 1-8 well and Sinopec Daylight, operator of the 13-2 battery site are moving immediately to effect operations to place all wells on production by year end 2013 or early first quarter 2014.
In addition to the foregoing, Ironhorse has entered into an Asset Purchase and Sale Agreement with a third party private energy company to sell its interest in the Leon Lake area of Saskatchewan for proceeds of $7.2 million dollars, prior to closing adjustments. Closing is scheduled for November 22, 2013. This transaction will leave Ironhorse debt free, with cash available to complete its share of the capital requirements remaining for the final development and on production costs for Pembina.
Ironhorse Oil & Gas Inc. is a Calgary-based junior oil and natural gas production company trading on the TSX Venture Exchange under the symbol "IOG."
Certain statements in this news release constitute forward-looking statements. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Ironhorse. Although Ironhorse believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Ironhorse can give no assurance that they will prove to be correct.
The forward-looking statements contained in this document are made hereof and Ironhorse undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither 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.
SOURCE Ironhorse Oil & Gas Inc.For further information:
Larry J. Parks,
President and CEO