CALGARY, July 22, 2016 /CNW/ - Ironhorse Oil & Gas
Inc. ("Ironhorse" or the "Company") (TSX-V:IOG), advises that the
Operator of the Nisku L2L Pool
(the "Pool") has restarted production effective July 19th, 2016. The Pool has been shut in
since January 2016 due to uneconomic
conditions and in order to preserve the value of Ironhorse's
reserves. The Company has a 15.6250% working interest in the
Pool and the production from the Pool is Ironhorse's main source of
cash flow. The Company continues to be financially
well-positioned, with existing positive working capital and no
debt.
The Operator has advised production from the Pool was restarted
without incident. Ironhorse anticipates the Pool will remain on
production provided commodity prices remain at an economic level.
Advisories
Forward-Looking Statements
This news release contains forward-looking information (as
defined in the Securities Act (Alberta)) and statements (collectively,
"forward-looking statements") that are based on expectations,
estimates and projections as of the date of this news release.
These forward-looking statements can often, but not always, be
identified by the use of forward-looking terminology such as
"plans", "predicts", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases, or statements that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved. Actual results and
developments are likely to differ, and may differ materially, from
those expressed or implied by the forward-looking statements
contained in this news release. Forward-looking statements
contained in this news release are based on a number of assumptions
that may prove to be incorrect, including, but not limited to
assumptions as to oil and gas prices and timing for commodity price
recovery; changes in laws, rules and regulations applicable to
Ironhorse; uncertainty of estimates with respect to reserves;
general economic, business and market conditions; and such other
risks and uncertainties identified in the filings by Ironhorse with
the Canadian provincial securities regulatory authorities. Except
as required by law, neither the Board nor Ironhorse undertakes any
obligation to update publicly or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. The forward-looking statements contained in this news
release are expressly qualified by this cautionary
statement.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Ironhorse Oil & Gas Inc.