Ironhorse Plans To Drill 24 Wells In Saskatchewan

Ironhorse Oil & Gas Inc. says it has completed installation of flowlines to access the western portion of the company's acreage in the Shackleton field of southwestern Saskatchewan.

This installation provides the company with the ability to tie-in wells rapidly following drilling and completions.

Ironhorse has also commenced the drilling of the first two locations on the acreage this season. These wells form the first of the 24 wells that Ironhorse plans to drill, complete and tie-in before the end of the first quarter of 2008. Ironhorse expects to have over 60 wells producing from the Shackleton area by April of 2008.

In addition, the company has tied-in four of six wells that had production behind pipe. The flow rates of these four wells are performing above expectation, adding approximately 120 bbls of oil equivalent per day, net to Ironhorse, for total current production of 780 BOE per day. These tie-ins increase the number of producing wells in the area to 36 from the 32 on production in November.

The company has a 50% working interest on 11,720 acres and in the entire infrastructure in the Shackleton area.

In the first quarter, Ironhorse said it expects to complete its fourth stage of land acquisition in the Shackleton field with a 50% working interest in an additional 3,200 acres. The company will also expand its facilities to increase gross sales capacity to 18 mmcf per day.

In addition to his current duties of director and corporate secretary for the company, James Wilson has been appointed vice president, finance and chief financial officer following the recent resignation received from Alan Withey. Wilson has more than 19 years of senior financial management experience in the oil and gas industry.

With the assumption of this additional responsibility, Wilson has been awarded 50,000 stock options by the board of directors.