Business
Ironhorse Announces Q2 2013 Financial and Operating Results
CALGARY , Aug. 21, 2013 /CNW/ - Calgary , Alberta, August 21, 2013 - Ironhorse Oil &...
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\n\n\nCALGARY, Aug. 21, 2013 /CNW/ - Calgary, Alberta, August 21, 2013 -\n Ironhorse Oil & Gas Inc. (\"Ironhorse\" or the \"Company\") (TSX-V: IOG)\n announces its second quarter 2013 financial and operating results.\n\n\nHighlights: \n\n\n\nFunds from operations for the second quarter 2013 were $0.01 million\n ($0.00 per diluted share) compared to an outflow of $0.1 million ($0.01\n per diluted share) for the second quarter of 2012 as a result of a 77%\n increase in production and reductions in G&A expenses and interest in\n Q2 2013 as compared with Q2 2012.\n\n\nNet debt at June 30, 2013 was $3.3 million within credit facilities of\n $5.0 million and remained unchanged as compared to net debt at December\n 31, 2012.\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 $33.6 million at December 31, 2012. The Pembina\n wells have remained shut-in awaiting regulatory approvals required to\n commence the necessary infrastructure modifications and pipeline\n installations.  A hearing with the AER (Alberta Energy Regulator) was\n completed in July of 2013 with respect to the licensing of the Pembina\n 1-8 well, along with tie-in and facility enhancements to bring the\n existing Pembina wells on production.  The AER ruling is anticipated to\n be released in October of 2013.  The oil wells at Pembina are expected\n to be placed on production in the first quarter of 2014 at an initial\n restricted rate of 2,000 (310 net) boe/d. Once the wells are on\n production, the Company and its partners will make application for the\n Nisku oil pool to receive Good Production Practice (\"GPP\") approval\n from the AER. GPP approval will allow production rates from the Nisku\n oil pool to be increased to an estimated 4,000 (600 net) boe/d.\n\n\n\n\n \n \n \n\n\n\nSELECTED INFORMATION\n\n\n \n\n\nFor three months ended\n\n\n\n \n\n \n\n\nJune 30,\n\n\nMarch 31,\n\n\nJune 30,\n\n\n\n\n($ thousands except per share & unit amounts)\n\n\n \n\n\n2013\n\n\n2013\n\n\n2012\n\n\n\n\nFinancial\n\n\n \n\n\n \n\n\n \n\n\n&#...