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Ironhorse Oil & Gas Inc. announces shut-in production due to low oil and gas prices
Ironhorse Oil & Gas Inc. announces shut-in production due to low oil and gas prices ...
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[{"type":"text","content":"\n\n\n\nIronhorse Oil & Gas Inc. announces shut-in production due to low oil and gas prices\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nIronhorse Oil & Gas Inc. announces shut-in production due to low oil and gas prices\nCanada NewsWire\nCALGARY, Jan. 19, 2016\n\n\n\nCALGARY, Jan. 19, 2016 /CNW/ - Ironhorse Oil & Gas Inc. (\"Ironhorse\" or the \"Company\") (TSX-V:IOG), advises that the operator of the Nisku L2L Pool (the \"Pool\") has informed Ironhorse that the operator intends to shut-in production from the Pool because continued production is uneconomic under the current commodity price environment. Ironhorse has a 15.6250% working interest in the Pool and the production from the Pool is Ironhorse's main source of cash flow.  Ironhorse believes that, with continued downward pressure on commodity prices, a temporary shut-in of the Pool production is a prudent decision that will preserve the value of Ironhorse's oil and natural gas reserves.  The Company anticipates that the Pool will remain shut-in until there is a recovery in commodity prices.  The operator has advised Ironhorse that the operator will be executing a comprehensive shutdown program of the wells and facilities to ensure the investment is preserved with an ability to re-start when commodity prices recover.  Notwithstanding suspension of its main source of cash flow, Ironhorse is financially well positioned, with existing positive working capital and no debt.  \n\nAdvisories\n\nForward-Looking Statements \n\nThis news release contains forward-looking information (as defined in the Securities Act (Alberta)) and statements (collectively, \"forward-looking statements\") that are based on expectations, estimates and projections as of the date of this news release. These forward-looking statements can often, but not always, be identified by the use of forward-looking terminology such as \"plans\", \"predicts\", \"expects\" or \"does not expect\", \"is expected\", \"budget\", \"scheduled\", \"estimates\", \"forecasts\", \"intends\", \"anticipates\" or \"does not anticipat...