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Ironhorse Oil & Gas - Announces Increased Year-End 2008 Reserves
Ironhorse Oil & Gas - Announces Increased Year-End 2008 Reserves
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"Ironhorse Oil & Gas - Announces Increased Year-End 2008 Reserves\n\n\n\nIronhorse Oil & Gas - Announces Increased Year-End 2008 Reserves\n\nCalgary, Alberta CANADA, February 19, 2009 /FSC/ - Ironhorse Oil & Gas Inc. (IOG - TSX Venture), is pleased to announce that its successful 2008 drilling program in the Shackleton, Saskatchewan area has significantly increased the Company's reserves in 2008.\n \nHighlights of our activities in 2008 were as follows:\n\n* A drilling success rate of 100%, with 31 (15 net) new gas wells drilled and placed on production in the Shackleton area.\n* A 61% increase in 2008 average production to 1,079 boe per day from the 670 boe per day in 2007. The Company's 2008 average production was 93% gas weighted.\n* Positive reserves additions of 2,109 Mboe resulting from the 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. The Company's reserves are 95% gas weighted.\n* Finding and development costs, including changes in future capital, were $11.75 per boe proved plus probable.\n\nHighlights of our drilling activities to date in 2009 include:\n\n* Drilling 32 (16 net) gas wells in the Shackleton area which have been assigned \"Proved Undeveloped\" reserves status as at December 31, 2008. These wells are expected to be on production as at March 31, 2009 and\n* Drilling two (0.4 net) Nisku oil discoveries in the Pembina area.\n\nThe December 31, 2008 reserve report was prepared by GLJ Petroleum Consultants 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 from the report are itemized below:\n\nNet Present Values before tax ($000's)\n\n-***-\n\nDiscount Proved Proved Proved Total Total Total\n Factor Producing Developed Undeveloped Proved Probable Proved\n Non &nbs...