Business
Ironhorse Announces 2012 Financial and Operating Results and Year-end Reserves
CALGARY, April 30, 2013 /CNW/ - Ironhorse Oil & Gas Inc. ("Ironhorse" or the "Company") (...
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, April 30, 2013 /CNW/ - Ironhorse Oil & Gas Inc. (\"Ironhorse\" or\n the \"Company\") (TSX-V: IOG) announces its 2012 financial and operating\n results and year-end reserves information.\n\n\nThe Company's year-end reserves evaluation with the effective date of\n December 31, 2012 was prepared by GLJ Petroleum Consultants Ltd. and\n Sproule Associates Limited in accordance with definitions, standards\n and procedures contained in the Canadian Oil and Gas Evaluation\n Handbook (\"COGE Handbook\") and NI 51-101 \"Standards of Disclosure for\n Oil & Gas Activities\".  Reserves included herein are stated on a\n company gross basis (working interest before deduction of royalties\n without including any royalty interest) unless otherwise noted.\n\n\nHighlights of 2012:\n\n\n\nCompleted the sale of the Jedney non-core gas property for net proceeds\n of $5.3 million with funds used to reduce bank debt.\n\n\n\n\nFunds from operations were negative for the year at $0.4 million ($0.01\n per diluted share) compared to positive funds from operations of $1.9\n million ($0.07 per diluted share) in 2011 as a result of the\n disposition of the Shackleton properties.\n\n\n\n\nReduced net debt by $4.5 million to $3.3 million at December 31, 2012\n within credit facilities of $5.0 million compared to net debt of $7.8\n million at December 31, 2011 within credit facilities of $10.2 million.\n\n\n\n\nReduced G&A expenses by $0.3 million or 29% to $0.7 million compared to\n 2011.\n\n\n\n\nThe Company's reserves were 83% oil weighted with a proved to probable\n ratio of 71 to 29. The shift in the proved to probable ratio as\n compared to 2011 is due to the disposition of the Jedney asset.\n\n\n\n\nDuring Q3 2012 brought on stream a liquids rich Balsam Alberta area gas\n well that produced at an average initial production rate of 122 boe/d\n net to the Company over the first 5 months of production.\n\n\n\n\nAnnual production decreased by 82% to 107 boe per day from 599 boe per\n day in 2011 primarily due to the disposition of the Shackleton natural\n gas properties at the end of October 2011.\n\n\n\n\nNet asset value per share was $1.30 at December 31, 2012 ($1.52 at\n December 31, 2011), calculated as the net present value of future cash\n flows from proved and probable reserves before tax discounted at 10%\n less n...