Business
Ironhorse Oil & Gas Inc. Announces 2010 Second Quarter Results
Ironhorse Oil & Gas Inc. Announces 2010 Second Quarter Results
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\nIronhorse Oil & Gas Inc. Announces 2010 Second Quarter Results\n\n\n Aug. 25, 2010 (Filing Services Canada) -- Ironhorse Oil & Gas Inc. (IOG - TSX Venture), (\"Ironhorse\" or the \"Company\") has released its financial and operating results for the second quarter ended June 30, 2010.Highlights and accomplishments achieved during the second quarter of 2010 include:* Funds from operations for the second quarter of 2010 increased 31% to $1.2 million ($0.04 per share) from $0.9 million ($0.04 per share) in the second quarter of 2009.* Field netback per boe for the second quarter increased 75% to $21.91 per boe from $12.49 per boe.* Increases in funds from operations and netbacks per boe are largely attributable to the Ironhorse's higher oil production which increased to 179 bbl per day in the second quarter of 2010 from 19 bbl per day for the same period in 2009.* Higher oil production is the result of the successful first quarter drilling program which yielded significant oil discoveries at Dawson, Alberta and Leon Lake, Saskatchewan.* During the second quarter Ironhorse received good production practice (\"GPP\") approval for its Dawson oil wells. GPP approval allows the Company to produce the oil wells at optimal rates using good engineering practices.* Construction of the Dawson flow line from the oil wells to a central oil battery and processing facility was initiated in the second quarter and completed in July. Construction of the pipeline and associated well site facilities allowed Ironhorse to resume production from the Dawson oil wells in late July at 430 (235 net) bbl per day.* On April 15, 2010, the Company completed a private placement with respect to the issuance of 3.7 million common shares on a flow-through basis at a price of $1.40 per share for gross proceeds of $5.2 million. * The company increased its land holdings at Leon Lake with the acquisition of 5,120 acres of land bringing its total land holdings in the area to 7,770 (7,123 net) acres. Ironhorse plans to drill two (1.8 net) vertical evaluation wells on these lands in the third quarter of 2010.* Ironhorse received a favorable decision from the ERCB with respect to its previously drilled Nisku oil wells in the Pembina, Alberta area.An overview of the financial and operating highlights for the three and six months ended June 30, 2010 and June 30, 2010 is...