Business
Ironhorse Announces Q1 2013 Financial and Operating Results
CALGARY, May 17, 2013 /CNW/ - Ironhorse Oil & Gas Inc. ("Ironhorse" or the "Company") (TS...
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, May 17, 2013 /CNW/ - Ironhorse Oil & Gas Inc. (\"Ironhorse\" or\n the \"Company\") (TSX-V: IOG) announces its first quarter 2013 financial\n and operating results.\n\n\nHighlights: \n\n\n\nFunds from operations for the first quarter 2013 were $0.04 million\n ($0.00 per diluted share) compared to an outflow of $0.4 million ($0.01\n per diluted share) for the first quarter of 2012 as a result of\n reductions in operating and G&A expenses in Q1 2013 as compared with Q1\n 2012.\n\n\nNet debt at March 31, 2013 was $3.2 million within credit facilities of\n $5.0 million compared to net debt at December 31, 2012 of $3.3 million.\n\n\nThe Company's reserves are 83% oil weighted with a proved to probable\n ratio of 71 to 29.  The Company's primary asset is its working interest\n in Pembina which currently consists of two shut-in oil wells and one\n water injection well, with total proved plus probable reserves at 10%\n net present value of $33.6 million at December 31, 2012. The Pembina\n wells have remained shut-in awaiting regulatory approvals required to\n commence the necessary infrastructure modifications and pipeline\n installations.  The ERCB has currently proposed a hearing date of July\n 2, 2013 to review these approvals in conjunction with regulatory\n approvals for the licensing of the Pembina 1-8 well.  The oil wells at\n Pembina are expected to be placed on production in the first quarter of\n 2014 at an initial restricted rate of 2,000 (310 net) boe/d. Once the\n wells are on production, the Company and its partners will make\n application for the Nisku oil pool to receive Good Production Practice\n (\"GPP\") approval from the ERCB. GPP approval will allow production\n rates from the Nisku oil pool to be increased to an estimated 4,000\n (600 net) boe/d.\n\n\n\n\n \n\n \n\n \n\n\n\nSELECTED INFORMATION\n\n\n \n\n\nFor three months ended\n\n\n\n \n\n \n\n\nMarch 31,\n\n\nDecember 31,\n\n\nMarch 31,\n\n\n\n\n($ thousands except per share & unit amounts)\n\n\n \n\n\n2013\n\n\n2012\n\n\n2012\n\n\n\n\nFinancial\n\n\n \n\n \n \n\n \n\n\n\n\nPetroleum and natural gas revenues (1)\n\n\n \n\n\n571\n\n\n649\n\n\n532\n\n\n\n\nFunds from operations (2)\n\n\n \n\n\n37\n\n\n136\n\n\n(361)\n\n\n\n \n\nPer share - basic and...