BASE OIL & GAS LTD. PROVIDES AN UPDATE ON ITS SECOND PEMBINA CARDIUM HORIZONTAL WELL
2010年8月24日 - 8:53AM
PR Newswire (Canada)
CALGARY, Aug. 23 /CNW/ -- CALGARY, Aug. 23 /CNW/ - Base Oil &
Gas Ltd. ("Base" or the "Company") (TSX VENTURE: BOG) is pleased to
update the results of its second horizontal Cardium well in the
South Pembina area. The well was stimulated with a 13-stage frac
program on August 17, and was flowed for three days. A production
test over the subsequent 48 hours showed the well flowing at 335
barrels of oil and liquids per day and 1.2 MMcf/day of natural gas,
for a combined rate of 530 BOE per day. To date approximately 60%
of the load oil has been recovered. The well is expected to flow
without artificial lift, and be tied in by September 1, 2010. Base
has earned a 22.5% working interest in this well and the related
section under a previously announced farm-in agreement. Planning is
under way for the third and fourth earning wells in the South
Pembina project. These wells are expected to be drilled in the
fourth quarter of this year. Base Oil and Gas Ltd. is a Calgary
based emerging oil and gas company, focused on the development of
Cardium oil & gas reserves in the Western Canadian Sedimentary
basin. References herein to "BOE" mean barrels of oil equivalent
derived by converting gas to oil in the ratio of six thousand cubic
feet (Mcf) of gas to one barrel (bbl) of oil. BOE may be
misleading, particularly if used in isolation. A BOE conversion
ratio of 6 Mcf: 1 bbl is based on an energy conversion method
primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead. Neither the 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. FORWARD-LOOKING
STATEMENTS This press release contains forward-looking statements.
More particularly, this press release contains statements
concerning the planned operational and exploration activities of
the Company. The forward-looking statements contained in this
document are based on certain key expectations and assumptions made
by Base with respect to the Company's planned operational and
exploration activities. Although the Company 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 the Company can
give no assurance that they will prove to be correct. Since
forward-looking statements address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include,
but are not limited to, the failure to obtain the necessary
regulatory approvals and risks associated with the oil and gas
industry in general (e.g., operational risks in development,
exploration and production; delays or changes in plans with respect
to exploration or development projects or capital expenditures; the
uncertainty of estimates and projections relating to production,
costs and expenses, and health, safety and environmental risks,
commodity price and exchange rate fluctuations). The
forward-looking statements contained in this document are made as
of the date hereof and the Company takes 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. Additionally,
Base undertakes no obligation to comment on the expectations of, or
statements made by, third parties in respect of the matters
discussed above. Base Oil & Gas Ltd., Dennis Feuchuk, President
& CEO, (403) 384-0000, dennisf@baseoilandgas.ca; Roy Evans,
C.A., Vice President, Finance & CFO, (403) 384-0000,
roye@baseoilandgas.ca
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