Ironhorse Announces Q2 2012 Financial and Operating Results
21 August 2012 - 7:36PM
PR Newswire (Canada)
CALGARY, Aug. 23, 2012 /CNW/ - Ironhorse Oil & Gas Inc.
("Ironhorse" or the "Company") announces its second quarter 2012
financial and operating results. Highlights: -- Funds from
operations for the second quarter 2012 was an outflow of $0.1
million ($0.01 per diluted share) compared to an inflow of $0.6
million ($0.02 per diluted share) for the second quarter of 2011 as
a result of the dispositions in late 2011. -- Net debt at June 30,
2012 was $3.4 million within current credit facilities of $6.1
million compared to net debt at December 31, 2011 of $7.8 million.
-- The Company and its partners continue to work with the ERCB and
Pembina area residents in order to obtain regulatory approvals to
complete the final development and production plans for its Pembina
oil wells. The wells are expected to come on production in the
second quarter of 2013 at an initial restricted rate of 2,000 (310
net) boe/d. SELECTED INFORMATION For three months ended June 30,
March 31, June 30, ($ thousands except per share & unit 2012
2012 2011 amounts) Financial Petroleum and natural gas revenues (1)
421 532 2,390 Funds from operations (2) (146) (273) 587 Per share -
basic and diluted (0.01) (0.01) 0.02 Net (loss) income (256) (585)
454 Per share - basic and diluted (0.01) (0.02) 0.02 Capital
expenditures (3) 125 226 169 Operation Production Oil (bbl/d) 63 68
143 Gas (mcf/d) 4 3 3,413 Total (boe/d) 64 69 711 Petroleum and
natural gas revenues 73.14 85.33 36.91 ($/boe) Royalties ($/boe)
(24.51) (28.80) (12.42) Operating expenses ($/boe) (30.59) (34.58)
(5.80) Operating netback ($/boe) 18.04 21.95 18.69
(1) Petroleum and natural gas revenues
are before royalty expense. (2) Funds
from operations and net debt are non-GAAP measures as defined in
the Advisory section of the MD&A.
(3) Capital expenditures are before
acquisitions and dispositions. Additional Information Ironhorse's
complete results for the three and six months ended June 30, 2012,
including unaudited condensed financial statements and the
management's discussion and analysis are available on SEDAR or the
Company's web site at www.ihorse.ca. 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: 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. 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 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 manor; 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. 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. 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. "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." Ironhorse Oil & Gas Inc. CONTACT: Larry J.
ParksPresident & Chief Executive Officer(403)
355-3620lparks@ihorse.caKaren HutsonVP Finance & Chief
Financial Officer(403) 355-3620khutson@ihorse.cawww.ihorse.ca
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