Business
Ironhorse Oil & Gas Inc Announces 2009 Second Quarter Results
Ironhorse Oil & Gas Inc Announces 2009 Second Quarter Results
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\nIronhorse Oil & Gas Inc Announces 2009 Second Quarter Results\n\n\n Aug. 18, 2009 (Filing Services Canada) -- Ironhorse Oil & Gas Inc. (IOG - TSX Venture), has released its financial and operating results for the second quarter ended June 30, 2009.Highlights and accomplishments achieved during the quarter include:* The Company completed and production tested two (0.4 net) oil wells in the Pembina, Alberta area. These wells were completed and production tested in late April and early May. On a combined basis the two wells flowed oil at rates of over 3,200 barrels per day plus associated solution gas and liquids, bringing the gross production rate from the two wells to 4,000 boe per day. * For the three months ended June 30, 2009 production averaged 1,223 boe per day, a 12% increase from the 1,089 boe per day in the first quarter of 2009.* Gas prices for the second quarter averaged $4.22 per mcf compared to $5.16 in the first quarter of 2009 and $8.74 for the corresponding quarter in 2008.* Cash flow from operations was $0.9 million ($0.04 per diluted share) compared to $1.5 million ($0.07 per diluted share) in the first quarter of 2009 and $2.9 million ($0.14 per diluted share) for the corresponding quarter in 2008.* Capital expenditures of $1 million during the second quarter brought total capital expenditures for the year to date to $7 million which represents approximately 70% of planned capital expenditures for 2009.* Net debt at June 30, 2009 was $11.5 million. Our available credit facility is $14.5 million. We believe the oil and natural gas discoveries made this year will allow Ironhorse to maintain or increase its credit facility when the annual review is completed later this year. An overview of the 2009 financial and operating highlights for the three and six months ended June 30, 2009 is set forth below: ------------------------------------------------------------------------- THREE MONTHS SIX MONTHS ENDED JUNE 30 ENDED JUNE 30SELECTED INFORMATION 2009 2008 2009 2008-------------------------------------------------------------------------Thousands except per share amountsFINANCIAL-------------------------------------------------------------------------Revenue 2,298 6,120 5,351 10,183Royalties 591 2,558 1,413 4,227Cash flow from operations 881 2,939 2,423 4,670 Per share - diluted 0.04 0.14 0.11 0.23Net income (lo...