Business
Ironhorse Oil & Gas Inc Announces 2009 Yearend Results
Ironhorse Oil & Gas Inc Announces 2009 Yearend Results
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\nIronhorse Oil & Gas Inc Announces 2009 Yearend Results\n\n\n Mar. 29, 2010 (Filing Services Canada) -- Ironhorse Oil & Gas Inc. (IOG - TSX Venture), (\"Ironhorse\" or the \"Company\") has released its financial and operating results for the year ended December 31, 2009.Highlights and accomplishments achieved during the year include:* Drilled two (0.4 net) oil wells at Pembina, Alberta and 32 (16 net) gas wells at Shackleton, Saskatchewan.* The Pembina, Alberta oil discovery added 1.1 MMbbl of oil and Ngls to the Company's reserves.* 2009/2010 winter drilling program included drilling oil wells at Dawson, Alberta and Shaunavon, Saskatchewan and a gas well at Jedney, British Columbia.* Funds from operations for the year of $3.9 million ($0.18 per diluted share) compared to $8.0 million ($0.39 per diluted share) in 2008.* Capital expenditures of $2.6 million during the fourth quarter brought total capital expenditures for the year to date to $10.0 as compared to $10.6 in 2008.* Net debt at December 31, 2009 was $9.9 million versus credit facilities of $20 million. Ironhorse will continue to focus on increasing its oil reserves and production in 2010. This winter the Company has drilled:* Two (1.1 net) oil wells at Dawson, Alberta which were placed on production, in March 2010, at a combined rate of 700 (385 net) bbl per day.* One (0.8 net) horizontal oil well at Shaunavon, Saskatchewan which will be placed on production after \"spring break up\" when road bans are lifted in the area.* One (0.8 net) gas well at Jedney, British Columbia, which is expected to be on production in the third quarter of 2010.The Company expects to exit the first quarter of 2010 producing over 1,100 boe per day with a 70:30 gas to oil production mix. Further production increases are expected through out 2010 when the Pembina, Alberta oil wells and Jedney, British Columbia gas well are placed on production. These activities will increase total net production to over 1,500 boe per day with a 50:50 gas to oil production mix.On March 22, 2010 Ironhorse entered into a private placement on a flow through basis to issue 3.7 million shares at a price of $1.40 per share for gross proceeds of $5.2 million. These proceeds together with our $20 million credit facilities and funds from operations will finance a capital expenditure program of  $20 - $25 ...