CALGARY, Nov. 28, 2013 /CNW/ - Ironhorse Oil & Gas Inc. ("Ironhorse" or the "Company") (TSX-V: IOG) announces the following:
Ironhorse is pleased to announce that on November 27, 2013 Ironhorse completed the sale of its interest in the Leon Lake area of Saskatchewan for proceeds of $7.2 million dollars. Proceeds were used to repay the outstanding bank debt of $3.4. Remaining funds of approximately $3.8 million will be used to fund capital expenditures required to complete the final development and on stream costs related to Pembina, as well as other ongoing working capital requirements. The Pembina 1-8 well is currently scheduled to spud within the next week.
At the annual and special meeting of the shareholders held today, shareholders approved the election of Larry J. Parks, Michael A. Royan, Robert Desbarats, Wayne W. Chow and Gerry C. Quinn as directors of the Company. Shareholders also approved the Company's stock option plan and the appointment of Kenway Mack Slusarchuk Stewart LLP, Chartered Accountants to serve as the Company's auditors.
Ironhorse's November 2013 corporate presentation is now posted on its website at www.ihorse.ca
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.
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