CALGARY, March 20, 2013 /CNW/ - Ironhorse Oil & Gas Inc. ("Ironhorse" or
the "Company") has received notice that the Energy Resources
Conservation Board ("ERCB") has scheduled a hearing for July 2, 2013 to
review its application for a well licence in the Pembina field.
Ironhorse and its partners applied in November of 2011 for a licence to
drill a directional well in Pembina from a surface location at 7-5 to a
bottomhole location in 1-8. The purpose of the well, located
approximately 7 km east of the hamlet of Rocky Rapids, is to obtain oil
production from the Nisku formation. Ironhorse's working interest in
the well is 15.625%.
The drilling of the 1-8 well and the completion of the 10-5 water
injector well will commence after regulatory approvals have been
granted for all matters to be considered at the hearing, including
three new pipelines, one pipeline amendment and one facility amendment.
Provided the ERCB approves the applications, previously drilled oil
wells behind pipe at 9-5 and 14-5 as well as the 1-8 that has yet to be
drilled would be expected to be placed on production by the first
quarter of 2014.
Ironhorse is a Calgary-based junior oil and natural gas production
company trading on the TSX Venture Exchange under the symbol "IOG."
Certain information regarding Ironhorse set forth in this news release,
including management's assessment of the Company's future plans and
operations, contains forward-looking statements that involve
substantial known and unknown risks and uncertainties. These
forward-looking statements are subject to numerous risks and
uncertainties, some of which are beyond Ironhorse's control. These
risks include, but are not limited to, operational risks in
development, exploration, production and start-up activities; delays
and changes in plans with respect to exploration or development
projects or capital expenditures; the uncertainty of reserve estimates;
the uncertainly of estimates and projections relating to production,
costs and expenses, and environmental risks, risks associated with the
impact of industry conditions, volatility of commodity prices, currency
fluctuations, competition from other producers, ability to access
capital from internal and external sources and risks and uncertainties
associated with securing and maintaining the necessary regulatory
approvals and financing to proceed with the development of Pembina.
Ironhorse's actual results, performance or achievement could differ
materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurance can be given
that any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do so, what impact it would
have on Ironhorse. Words such as "may", "will", "should", "could",
"anticipate", "believe", "expect", "intend", "plan", "potential",
"continue", and similar expressions have been used to identify these
The forward-looking information contained in this news release are as of
the date of the release and Ironhorse assumes no obligation to update
or revise any forward-looking information to reflect new events or
circumstances, except as required by applicable 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:
President & CEO