Oct. 13, 2009 (Filing Services Canada) -- Ironhorse Oil & Gas Inc. (IOG - TSX Venture), is pleased to announce that it has retained Macam Limited ("Macam") to provide investor relations and corporate communication services. Macam's investor relations objectives include increasing Ironhorse's profile and corporate initiatives within the financial community by reaching key retail and institutional investor groups.
Ironhorse has retained Macam for a period of one year, at an average monthly fee of $7,300. In addition, subject to regulatory approval, Macam will be granted a stock option at a later date, in accordance with the Company's stock option plan. Except as set forth in the agreement, Ironhorse is not aware of Macam having any other interest, directly or indirectly, in the Company, or any right or intent to acquire an interest.
About Macam
Macam is a Calgary-based investor relations firm which has been providing investor relations activities for over eight years to burgeoning companies such as Ironhorse, utilizing their in-house customized database of retail and institutional contacts in the investment community.
About Ironhorse
Ironhorse is currently producing 1,050 boe per day primarily from its Shackleton gas property in Saskatchewan. To date the Company has undertaken a $7 million capital expenditure program to drill, complete and place on production 32 (16 net) gas wells in Shackleton and to drill two (0.4 net) Nisku oil wells in Pembina. The Pembina oil wells are expected to be placed on production in 2010 and will increase Ironhorse's net production by over 800 boe per day. The Company's independent reserves evaluation as at July 31, 2009 estimated its proved plus probable reserves at 4.4 million boes with a before tax value discounted at ten percent of $72 million resulting in a net asset value net of debt of $2.77 per share (see the September 8, 2009 press release).
The Company is well financed and uniquely positioned to increase production, cash flow and reserves from its significant multi-year development drilling opportunities and high impact exploration projects.
For further information, please contact:
Rob Solinger
VP Finance & CFO
(403) 355-3620
rsolinger@ihorse.ca
or visit our website at www.ihorse.ca
-and/or-
Macam Investor Relations
Cameron MacDonald, President & CEO
Office (403) 585-9875
cmacdonald@macamgroup.com
www.macamgroup.com
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 Statements
Statements 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. Statements relating to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitably produced in the future. In particular, this press release contains forward-looking information pertaining to the following: the quantity of reserves; oil and natural gas production levels; capital expenditure programs; projections of oil and natural gas market prices and costs; expectations regarding the Company's ability to raise capital and to continually add to reserves through acquisitions and development; and treatment under government regulatory and taxation regimes. All estimates and statements that describe the Company's objectives, goals, or future plans, including management's assessment of future plans and operations, drilling plans and timing thereof, expected production rates and additions and the expected levels of activities may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, volatility of commodity prices, imprecision of reserve estimates, environmental risks, competition from other producers, incorrect assessment of the value of acquisitions, failure to complete and/or realize the anticipated benefits of acquisitions, delays geological, technical, drilling and processing problems, resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources and changes in the regulatory and taxation environment. As a consequence, the Company's actual results may differ materially from those expressed in, or implied by, the forward-looking statements. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: the ability of the Company to obtain equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects which the Company has an interest in to operate the field in a safe, efficient and effective manner; and field production rates and decline rates. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included elsewhere herein and in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward-looking statements contained in this release are made as at the date of this release and; unless required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information of future events or otherwise. The forward-looking statements are expressly qualified by these cautionary statements.
Boe Conversion - Certain natural gas volumes have been converted to barrels of oil equivalent ("boe") whereby six thousand cubic feet (mcf) of natural gas is equal to one barrel (bbl) of oil. Boe's may be misleading, particularly if used in isolation. This conversion ratio is based on an energy equivalency conversion applicable at the burner tip and does not represent a value equivalency at the wellhead
Source: Ironhorse Oil & Gas Inc. (TSX-V: IOG) http://www.ihorse.ca
Maximum News Dissemination by Filing Services Canada Inc. *
www.usetdas.com
