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Ironhorse Oil & Gas Announces - Significant Increase in Oil Reserves
Ironhorse Oil & Gas Announces - Significant Increase in Oil Reserves
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\nIronhorse Oil & Gas Announces - Significant Increase in Oil Reserves\n\n\n Mar. 8, 2010 (Filing Services Canada) -- Ironhorse Oil & Gas Inc. (IOG - TSX Venture), is pleased to announce that its successful 2009 drilling program in the Shackleton, Saskatchewan and Pembina, Alberta areas has significantly increased the Company's proved producing gas reserves and proved undeveloped oil reserves. The Company's year-end reserves evaluation with an effective date December, 31, 2009 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 from the 2009 and 2008 reserves reports are itemized below:* Proved producing (\"PP\") reserves increased 31% from the previous year and total 1.7 Mmboe. The year over year increase in PP reserves is attributable to our 32 (16 net) new gas wells which were drilled and placed on production in the Shackleton, Saskatchewan.* Proved reserves totalled 2.9 Mmboe, an increase of 33% from last year. The increase in proved reserves is a result of the 2 (0.4 net) new oil wells drilled at Pembina, Alberta which are expected to be placed on production by the end of this year.* Proved plus probable reserves totalled 4.0 Mmboe a net increase of 145,000 boe in the Company's overall reserves after taking into account production for the year. The Pembina, Alberta oil discovery added 1.1 MMbbl of oil and Ngls to Ironhorse's reserves which was offset by a decrease in the Company's probable gas reserves at Shackleton, Saskatchewan.  Probable gas reserves associated with the infill drilling program at the Shackleton, Saskatchewan property were removed due to lower gas prices.* Three year average finding and development costs \"F&DC\", including changes in future capital, of $10.35 per boe proved and $8.22 per boe proved plus probable.* Net asset value \"NAV\" per share of $2.40 at December 31, 2009 an increase of 25% from last year. The NAV per share was calculated on the net present value of future cash flows before tax discounted at 10% less net debt estimated at $9.9 million divided by 24.1 million common shares. This calculation does n...