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
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:
VP Finance & CFO