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Ironhorse Oil & Gas Announces -2010 Yearend Reserves
Feb. 22, 2011 (Filing Services Canada) -- Ironhorse Oil & Gas Inc. (IOG - TSX Venture), is plea...
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\nIronhorse Oil & Gas Announces -2010 Yearend Reserves\n\n\n Feb. 22, 2011 (Filing Services Canada) -- Ironhorse Oil & Gas Inc. (IOG - TSX Venture), is pleased to provide information on the Company's oil and natural gas reserves as at December 31, 2010, as evaluated by its independent engineers.The Company's year-end reserves evaluation with an effective date December, 31, 2010 was prepared by GLJ Petroleum Consultants and Sproule Associates Limited in accordance with standards contained in the Canadian Oil and Gas Evaluation Handbook. Reserve definitions are set out by the Canadian Securities Administrators in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. Highlights of our activities in 2010 are itemized below:* A drilling success rate of 100%, with 4 (2.9 net) new oil wells drilled and placed on production in the Dawson, AB and Leon Lake, SK areas and one (0.8 net) gas well drilled at Jedney, BC.* Oil production increased significantly to average 178 bbl per day as compared to 11 bbl per day in 2009 increasing the Company's oil weighting to 19% from 1% in 2009. Total production decreased 14% to 922 boe per day from 1,071 boe per day in 2009 due to natural declines in gas production.* Exploration discoveries and development drilling resulted in proved plus probable reserves additions of 628 Mboe, negative technical revisions and dispositions were 484 Mboe and 37 Mboe respectively, resulting in net positive additions of 107 Mboe. Negative technical revisions were largely due to lower gas prices which had a negative impact on the economic life of the gas reserves.*  The Company's proved plus probable reserves are 34% oil and liquids weighted with a 72:28 proved to probable ratio.* Three year average finding and development costs, including changes in future capital and technical revisions, of $17.07 per boe proved and $13.34 per boe proved plus probable.* During the year Ironhorse expended $3.5 million on land and seismic bringing its total capital expenditures for 2010 to $13.5 million. The Company acquired 10,120 (9,544 net) acres of land as it continues to develop new focus areas which are prospective for oil.* Net asset value of $1.48 per share at December 31, 2010 calculated as the net present value of future cash flows from proved and probable reserves before tax discounted a...