CALGARY, Nov. 28, 2013 /CNW/ - Ironhorse Oil & Gas
Inc. ("Ironhorse" or the "Company") (TSX-V: IOG) announces the
following:
Ironhorse is pleased to announce that on November 27, 2013 Ironhorse completed the sale of
its interest in the Leon Lake area of Saskatchewan for proceeds of $7.2 million dollars. Proceeds were used to
repay the outstanding bank debt of $3.4. Remaining funds of approximately
$3.8 million will be used to fund
capital expenditures required to complete the final development and
on stream costs related to Pembina, as well as other ongoing
working capital requirements. The Pembina 1-8 well is currently
scheduled to spud within the next week.
At the annual and special meeting of the shareholders held
today, shareholders approved the election of Larry J. Parks, Michael
A. Royan, Robert Desbarats,
Wayne W. Chow and Gerry C. Quinn as directors of the
Company. Shareholders also approved the Company's stock
option plan and the appointment of Kenway Mack Slusarchuk Stewart
LLP, Chartered Accountants to serve as the Company's auditors.
Ironhorse's November 2013
corporate presentation is now posted on its website 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:
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.