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
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