Business
Ironhorse Oil & Gas - Announces 2008 Year End Results
Ironhorse Oil & Gas - Announces 2008 Year End Results
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"Ironhorse Oil & Gas - Announces 2008 Year End Results\n\n\n\nIronhorse Oil & Gas - Announces 2008 Year End Results\n\nCalgary, Alberta CANADA, March 18, 2009 /FSC/ - Ironhorse Oil & Gas Inc. (IOG - TSX Venture), (\"Ironhorse\" or the \"Company\") is pleased to report its financial and operating results for the year ended, December 31, 2008. \n\nSeveral significant accomplishments were achieved during the year:\n\n* Production for the year ended December 31, 2008 increased 61% to 1,079 boe per day as compared to 670 boe per day in 2007.\n* Funds from operations for year ended December 31, 2008 increased year over year 127% from $3.5 to $8.0 million or $0.18 to $0.39 per diluted share.\n* Increased our credit facility to $14.5 million.\n* Completed common share private placements for gross proceeds of $4.1 million.\n* Net debt decreased 15% year over year from $8 million to $6.8 million.\n* Positive reserves additions of 2,109 Mboe resulting from the Shackleton 2007/2008 infill drilling and technical revisions which represents a 68% increase in total proved plus probable reserves, net of production, for the year ended December 31, 2008. \n* Finding and development costs, including changes in future capital, were $11.75 per boe proved plus probable.\n* Licensed two (0.4 net) Nisku wells in the Pembina area, resulting in a significant Nisku oil discovery in the first quarter of 2009, as outlined in our press release dated January 20, 2009. \n* Operating expenses decreased 31% year over year to $2.29 from $3.32 per boe.\n* Net income of $1.6 million in 2008 versus a loss of $0.8 in 2007.\n* Drilled 30 (15 net) gas wells in the Shackleton area bringing the total number of producing wells to 68 (34 net) gas wells.\n* Acquired a 50% working interest in four sections of land in NE British Columbia with respect to a new prospect area which has multi zone potential. \n\nAn overview of the 2008 financial and operating highlights is set forth below:\n\n-***-\nHIGHLIGHTS 2008 2007 % CHANGE\n---------------------------------------------------------------------\nThousands except per share amounts\nF...