Business
Ironhorse Oil & Gas Inc. - Operations Update
Ironhorse Oil & Gas Inc. - Operations Update
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\nIronhorse Oil & Gas Inc. - Operations Update\n\n\n Aug. 17, 2010 (Filing Services Canada) -- Ironhorse Oil & Gas Inc. (IOG - TSX Venture), announces that it has completed construction of the Dawson flow line to a central oil battery, significantly increased its land holdings at Leon Lake, Saskatchewan and Jedney, British Columbia, received a favorable ruling from the ERCB with respect to the status of its previously drilled Nisku oil wells at Pembina, Alberta and has commenced drilling operations at Leon Lake.Production for the second quarter of 2010 averaged 951 boepd up slightly from the first quarter average of 946 boepd. Currently, production is 1,050 boepd with a 70:30 natural gas to oil weighting.Dawson, AlbertaThe two (1.1 net) Slave Point oil wells drilled earlier this year were granted good production practice (\"GPP\") status in May subject to conserving associated solution gas. GPP approval allows Ironhorse to produce the wells at optimal rates using good engineering practices. Construction of the 3.6 kilometer flow line and associated facilities allows the oil and associated solution gas to be transported from the two oil wells to a central oil and gas processing facility. The two oil wells resumed production in late July at a combined rate of over 430 (235 net) barrels of oil per day. Leon Lake, SaskatchewanIronhorse recently acquired an additional 5,120 acres of land in the Leon Lake area bringing its total land holdings in the area to 7,770 (7,123 net) acres. The lands are prospective for oil in the Upper and Lower Shaunavon formations.In the first quarter of this year the Company successfully drilled, completed and placed on production the 7-21 horizontal oil well. The well was initially drilled vertically through both the Upper and Lower Shaunavon formations then horizontally through the Upper Shaunavon formation. The well is producing at a stabilized rate of 45 (35 net) barrels of oil per day with no water from the Upper Shaunavon formation. The initial vertical well drilled to evaluate the 7-21 horizontal location also has indicated oil pay in the Lower Shaunavon formation. Analogous oil wells to the south of our lands are producing from the Lower Shaunavon formation at rates of 70 to 100 bbl of oil per day. Based on this information and our seismic data, Ironhorse has identified 25 potential horizontal ...