Ironhorse announces Alberta Energy Regulator approval and asset sale

Tuesday, November 5, 2013

Ironhorse Oil & Gas Inc. (TSX-V: IOG) 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.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Related News

Join 70,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Your details are never shared or sold. We hate spam too.

» More Jobs       » Upload a free Job       » Upload your CV

More Europe Jobs

More Global Jobs

Opinion & Commentary

  • Eight pieces of our oil price predicament
    A person might think that oil prices would be fairly stable. Prices would set themselves at a level that would be high enough for the majority of producers, so ...
  • Give us a break...
    I see that Oil & gas UK has been talking again about the need for George Osborne to ‘put his money where his mouth is’ (I paraphrase!) and change the fiscal terms operati ...
  • Why it's different this time
    Is this downturn in oil prices going to be different for investors? I think it might. In fact, I think North American energy companies have a good chance of withstanding th ...

» More Opinion & Commentary         » Write for us             RSS RSS

Oil & Gas Training

Mastering 4D Seismic
Ian Jack, London, 06 Nov 2014

Petroleum Geology of West Africa
Duncan Macgregor, London, 12 Nov 2014

Introduction to Contingency Planning: The value to oil and gas companies in high-risk areas
Mark Theobald, London, 18 Nov 2014

All Upcoming Training


Opinions & Commentary

Tech Talk - Pessimistic Talk in a time of surplus

by David Summers

Read More »