Ironhorse Oil & Gas Inc. Announces Hearing Date to Review Pembina Well Licence Application

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.

About Ironhorse:

Ironhorse is a Calgary-based junior oil and natural gas production company trading on the TSX Venture Exchange under the symbol "IOG."

Forward-Looking Information

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 forward-looking statements.

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:

Larry Parks 
President & CEO
(403) 237-9600
www.ihorse.ca


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