November 29, 2007 16:58 ET

eResearch Issues Update Report on Ironhorse Oil & Gas Inc.

TORONTO, ONTARIO--(Marketwire - Nov. 29, 2007) - Cash flow is the life-blood of an oil and gas company and, for Ironhorse Oil & Gas, its cash flow is expected to accelerate sharply over the next two years, given that completion of its 2006-2008 $30 million capex program should result in significantly higher production levels. Higher production means higher cash flow which, in turn, should provide a higher share price.

Ironhorse Oil & Gas is an independent energy company with producing assets in the Shackleton area of southwest Saskatchewan and exploration properties in the prolific Pembina region in Alberta. The Company develops its assets with joint-venture partners.

eResearch analysts, Ross Deep, B.A. (Economics), MBA, and Bob Weir, B.Sc., B.Comm., CFA, are maintaining their "Speculative Buy" Recommendation on Ironhorse' stock, which they indicate is suitable only for risk-tolerant investors. There is also no change in the 12-month Target Price of $2.60 per share. Longer term, as cash flow ramps up, the Analysts have set a 3-year price objective of $4.70 per share.

This Press Release was prepared by eResearch and was not vetted by Ironhorse Oil & Gas Inc. Further, the Recommendation and Target Price contained in this report are strictly those of eResearch and, due to securities laws, are not endorsed by Ironhorse Oil & Gas Inc.

eResearch is Canada's primary source for independent, quality, investment research, focused primarily on small- and mid-cap companies. Our research and analysis is of institutional quality, and has the potential of reaching millions of global investors through our extensive electronic distribution network. eResearch does not engage in retail or institutional sales, trading, or corporate finance activities, nor does it conduct investment banking or investor relations services for the companies covered. Our sole business is providing quality, unbiased research.

Ironhorse Oil & Gas Inc. paid eResearch a fee of C$17,500 + GST to conduct research on the Company, on an Annual Continuous Coverage basis.

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