Business
Ironhorse Oil & Gas Inc. Announces Successful 2010 First Quarter Results
Ironhorse Oil & Gas Inc. Announces Successful 2010 First Quarter Results
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\nIronhorse Oil & Gas Inc. Announces Successful 2010 First Quarter Results\n\n\n May 20, 2010 (Filing Services Canada) -- Ironhorse Oil & Gas Inc. (IOG - TSX Venture), has released its financial and operating results for the first quarter ended March 31, 2010.Highlights and accomplishments achieved during the first quarter of 2010 include:* Ironhorse made a Slave Point oil discovery at Dawson, Alberta. The  Company participated in drilling two (1.1 net) oil wells which are  capable of combined production of 700 (385 net) bbl/d. * The Company drilled its first (0.8 net) horizontal oil well at Leon  Lake, Saskatchewan. The well is capable of producing at 75 (56 net)  bbl/d.* Ironhorse completed a three dimensional seismic program at Leon Lake  which has identified additional drilling locations, some of which are  expected be drilled through out the second half of 2010.* The Company drilled one (0.8 net) gas well at Jedney, British Columbia  to evaluate both conventional and resource type prospective gas zones.  The well is capable of producing at 1,200 (1,000 net) mcf per day.* Funds from operations for the first quarter of 2010 increased 106% to  $1.3 million ($0.06 per diluted share) from $0.6 million ($0.03 per  diluted share) in the last quarter of 2009.* The Company entered into an agreement to issue 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 financing closed April 15, 2010.An overview of the financial and operating highlights for the three months ended March 31, 2010, December 31, 2009 and March 31, 2009 is set forth below: -------------------------------------------------------------------------                                          Three Months EndedHIGHLIGHTS                   MARCH 2010       DECEMBER 2009    MARCH 2009----------------------------------------------...