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.
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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.
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