Business
Ironhorse Oil & Gas Inc. - Increases Oil Production by Over 200 Bopd
Ironhorse Oil & Gas Inc. - Increases Oil Production by Over 200 Bopd
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\nIronhorse Oil & Gas Inc. - Increases Oil Production by Over 200 Bopd\n\n\n Mar. 1, 2010 (Filing Services Canada) -- Ironhorse Oil & Gas Inc. (IOG - TSX Venture), (the \"Company\") announces that it has successfully drilled, completed and placed on production each of its Saskatchewan and Alberta oil wells thereby increasing our net production by over 200 bopd.  These oil wells together with the Pembina oil discovery made in 2009 are part of the Company's ongoing strategy to increase the oil weighting of its reserves and production base. The Company expects to achieve a 50/50 balance between its oil and gas production by the end of 2010.Historically, the Company's production and reserves have been weighted to gas; in 2009 production averaged 1,070 boepd which was 99% gas. Ironhorse expects to exit the first quarter of 2010 producing over 1,000 boepd which will be weighted 80:20 gas to oil. The oil weighting in our production and reserves base will continue to increase through out 2010 when the Pembina, Alberta oil wells are placed on production later this year and with further drilling success at Dawson, Alberta. Ironhorse recently spudded the second well at Dawson, Alberta, the well is expected to take up to four weeks to drill and complete.Ironhorse is currently completing its recently drilled gas well in Northeast, British Columbia; over the next three weeks the Company will be perforating, fracture stimulating and evaluating four prospective gas zones.For further information, please contact:Rob SolingerVP Finance & CFO(403) [email protected] or visit our website at www.ihorse.ca. Ironhorse Oil & Gas Inc. is a Calgary-based junior oil and natural gas production company trading on the TSX Venture Exchange under the symbol \"IOG\".\"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.\"Forward-Looking StatementsStatements throughout this release that are not historical facts may be considered to be \"forward-looking statements\". These forward-looking statements sometimes include words to the effect that management believes or expects a stated condition or result. All estimates and statements that describe the Company's objectives, goals, or future plans,...