BASE OIL & GAS LTD. ANNOUNCES CLOSING OF NON-BROKERED FINANCING AND TIE-IN OF SECOND EARNING WELL
2010年9月2日 - 5:50AM
PR Newswire (Canada)
CALGARY, Sept. 1 /CNW/ -- CALGARY, Sept. 1 /CNW/ - Base Oil &
Gas Ltd. ("Base" or the "Company") (TSX VENTURE: BOG) has closed
its previously announced non-brokered private placement (the
"Private Placement") for aggregate gross proceeds of
$373,449.90. The Company issued 1,244,833 common shares on a
"flow-through" basis under the Income Tax Act (Canada), at a price
of $0.30 per share. In connection with the Private Placement,
the Company paid a 5% finder's fee. Total gross proceeds of
$1,000,000 were raised under this Private Placement together with
the Company's private placement that closed on June 30, 2010.
Proceeds from the Private Placements will be used towards financing
the Company's share of the second earning well ("2nd Earning Well")
which has been tied in and will be on production September 1, 2010.
Under a previously announced farm-in agreement to develop Cardium
production with a private company in the Pembina area, Base has
earned a 22.5% working interest in this well and the related
section. All securities issued in connection with the Private
Placement will be subject to a four-month hold period. Base
is a Calgary based emerging oil and gas company, focused on the
development of oil & gas reserves in the Western Canadian
Sedimentary basin. 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 use of funds from the Private Placement
and the planned operations of the Company. The
forward-looking statements contained in this document are based on
certain key expectations and assumptions made by the Company with
respect to the use of funds from the Private Placement and the
Company's planned operations. 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, 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. br/ table valign="top" border="0"trtd
align="left"Base Oil & Gas Ltd. br/Dennis
Feuchuk br/President &
CEO br/(403)
384-0000 br/a
href="mailto:dennisf@baseoilandgas.ca"dennisf@baseoilandgas.ca/a /td
td align="left" valign="top" br/Roy Evans, C.A.br/Vice
President, Finance & CFObr/(403) 384-0000br/ a
href="mailto:roye@baseoilandgas.ca"roye@baseoilandgas.ca/a/td/tr/table
p align="justify"or visit the Company's website at a
href="http://www.baseoilandgas.ca"www.baseoilandgas.ca/a/p
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