CALGARY, Nov. 4, 2013 /CNW/ - Ironhorse Oil & Gas Inc.
("Ironhorse" or the "Company") (TSX-V: IOG) announces the
following:
Ironhorse is pleased to announce that on October 31, 2013, the Alberta Energy Regulator (AER) approved
Grizzly Resources Ltd.'s Application No. 1707770 and Sinopec
Daylight Energy Ltd's Applications No.'s 1723456, 1723458, 1723460,
1723486, 1723491, 1759037, 1759038, 1759044, 1759045 as well as No.
1728964 and No. 1696239. These approvals will allow Ironhorse and
its partners to drill and produce the 1-8 well location in twp 50
rge 6 w5m, as well as commence production from the wells at 14-5
and 9-5 twp 50 rge 6 w5m into the battery located at 13-2 in the
same township. Grizzly Resources Ltd., operator of the 1-8
well and Sinopec Daylight, operator of the 13-2 battery site are
moving immediately to effect operations to place all wells on
production by year end 2013 or early first quarter 2014.
In addition to the foregoing, Ironhorse has entered into an
Asset Purchase and Sale Agreement with a third party private energy
company to sell its interest in the Leon Lake area of Saskatchewan for proceeds of $7.2 million dollars, prior to closing
adjustments. Closing is scheduled for November 22, 2013. This transaction will leave
Ironhorse debt free, with cash available to complete its share of
the capital requirements remaining for the final development and on
production costs for Pembina.
About Ironhorse:
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."
Forward-looking statements:
Certain statements in this news release
constitute forward-looking statements. The forward-looking
statements contained in this document are based on certain key
expectations and assumptions made by Ironhorse. Although
Ironhorse believes that the expectations and assumptions on which
the forward-looking statements are based are reasonable, undue
reliance should not be placed on the forward-looking statements
because Ironhorse can give no assurance that they will prove to be
correct.
The forward-looking statements contained in this
document are made hereof and Ironhorse undertakes no obligation to
update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities
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.