Business
Ironhorse Oil & Gas Inc. Announces 2010 Third Quarter Results
Ironhorse Oil & Gas Inc. Announces 2010 Third Quarter Results
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\nIronhorse Oil & Gas Inc. Announces 2010 Third Quarter Results\n\n\n Nov. 12, 2010 (Filing Services Canada) -- Ironhorse Oil & Gas Inc. (IOG - TSX Venture), (\"Ironhorse\" or the \"Company\") has released its financial and operating results for the third quarter ended September 30, 2010.Highlights and accomplishments achieved during the third quarter of 2010 include:* Revenues for the nine months ended September 30, 2010 increased 13% to $8.2 million from $7.2 million for the same period in 2009.* Higher revenues are a result of increases in oil production which averaged 162 bbl per day in 2010 as compared to 11 bbl per day in 2009. Overall production fell 15% from 1,117 boe per day to 935 boe per day due to natural declines in gas production.* Field netbacks per boe increased 40% from $14.78 per boe to $20.75 per boe as Ironhorse's oil production accounts for 17% of total production in 2010 as compared to 1% in 2009.* Funds from operations increased 4% to $3.3 million in the first nine months of 2010 from $3.2 in 2009.* During the third quarter Ironhorse and its partners continued to work on a number of alternatives for placing the Nisku oil wells at Pembina, Alberta on production. The Company is pursuing implementation of a production scheme which would separate the sour gas from the oil at the well site and inject the sour gas back into the Nisku formation. Milestones achieved during the quarter with respect to this alternative include:-- ERCB approval to drill injection wells;-- Obtaining a surface lease to construct the facilities required to separate the gas and oil and inject the gas back into the Nisku formation and-- Preliminary engineering and design work with respect to the facilities to be constructed at the well site.-- Ironhorse estimates the Nisku oil wells could be on production in the next 12 to 18 months depending on the time lines for regulatory approvals and construction of the facilities.* Ironhorse drilled one (1.0 net) successful Upper Shaunavon oil well at Leon Lake the well was placed on production in late October at a rate of 30 bbl of oil per day.An overview of the financial and operating highlights for the three and nine months ended September 30, 2010 is set forth below:                      ...