CALGARY, March 20, 2013 /CNW/ - Ironhorse Oil & Gas
Inc. ("Ironhorse" or the "Company") has received notice that the
Energy Resources Conservation Board ("ERCB") has scheduled a
hearing for July 2, 2013 to review
its application for a well licence in the Pembina field.
Ironhorse and its partners applied in November
of 2011 for a licence to drill a directional well in Pembina from a
surface location at 7-5 to a bottomhole location in 1-8. The
purpose of the well, located approximately 7 km east of the hamlet
of Rocky Rapids, is to obtain oil production from the Nisku formation. Ironhorse's working interest
in the well is 15.625%.
The drilling of the 1-8 well and the completion
of the 10-5 water injector well will commence after regulatory
approvals have been granted for all matters to be considered at the
hearing, including three new pipelines, one pipeline amendment and
one facility amendment. Provided the ERCB approves the
applications, previously drilled oil wells behind pipe at 9-5 and
14-5 as well as the 1-8 that has yet to be drilled would be
expected to be placed on production by the first quarter of
2014.
About Ironhorse:
Ironhorse is a Calgary-based junior oil and natural gas
production company trading on the TSX Venture Exchange under the
symbol "IOG."
Forward-Looking Information
Certain information regarding Ironhorse set
forth in this news release, including management's assessment of
the Company's future plans and operations, contains forward-looking
statements that involve substantial known and unknown risks and
uncertainties. These forward-looking statements are subject to
numerous risks and uncertainties, some of which are beyond
Ironhorse's control. These risks include, but are not limited to,
operational risks in development, exploration, production and
start-up activities; delays and changes in plans with respect to
exploration or development projects or capital expenditures; the
uncertainty of reserve estimates; the uncertainly of estimates and
projections relating to production, costs and expenses, and
environmental risks, risks associated with the impact of industry
conditions, volatility of commodity prices, currency fluctuations,
competition from other producers, ability to access capital from
internal and external sources and risks and uncertainties
associated with securing and maintaining the necessary regulatory
approvals and financing to proceed with the development of Pembina.
Ironhorse's actual results, performance or achievement could differ
materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurance can be
given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
impact it would have on Ironhorse. Words such as "may", "will",
"should", "could", "anticipate", "believe", "expect", "intend",
"plan", "potential", "continue", and similar expressions have been
used to identify these forward-looking statements.
The forward-looking information contained in
this news release are as of the date of the release and Ironhorse
assumes no obligation to update or revise any forward-looking
information to reflect new events or circumstances, except as
required by applicable laws.
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.
SOURCE Ironhorse Oil & Gas Inc.