BASE OIL AND GAS LTD. ANNOUNCES FILING OF THIRD QUARTER ENDED SEPTEMBER 30, 2010 FINANCIAL STATEMENTS AND CORPORATE UPDATE
2010年11月16日 - 10:18AM
PR Newswire (Canada)
CALGARY, Nov. 15 /CNW/ -- Symbol: BOG: TSX Venture CALGARY,
Nov. 15 /CNW/ - Base Oil and Gas Ltd. (the "Company") is pleased to
announce its financial and operating results for the quarter ending
September 30, 2010. The Company has filed its financial
statements and related management's discussion and analysis for the
quarter ended September 30, 2010 on www.sedar.com. The Company has
completed the first two earning wells ("Earning Wells") under a
previously announced farm-in agreement to develop Cardium
production with a private company in the Pembina area. The
first Earning Well was placed on production in March 2010 and the
second Earning Well in September 2010. The Company holds a
30% working interest in the first Earning Well and a 22.5% working
interest in the second Earning Well. A third Earning Well was
drilled in October 2010. Completion of this third Earning
Well using a 13-stage frac program was completed on November 14,
2010. The well is currently flowing back frac fluid and will
be tested over the next 72 hours. A fourth Earning Well was
spudded on November 7, 2010. Under the aforementioned farm-in
agreement, by paying 50% of the drilling, completion, equipping and
tie-in costs of each of the third and fourth Earning Wells, the
Company will earn a 30% working interest in each of the third and
fourth Earning Wells and the Cardium rights within each section.
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. 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 the Company with respect to its 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, assumptions and risks. These factors, assumptions
and risks include, but are not limited to, the failure to obtain
the necessary regulatory approvals, the failure to obtain the
financing necessary for the Company to earn a working interest in
the third and fourth Earning Wells and risks and uncertainties
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, the
Company undertakes no obligation to comment on the expectations of,
or statements made by, third parties in respect of the matters
discussed above. 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. table valign="top"
border="0"trtdBase Oil & Gas Ltd./td td /td/tr trtdDennis
Feuchuk /td tdRoy Evans, C.A./td/tr
trtdPresident & CEO /td tdVice
President, Finance & CFO/td/tr trtd(403)
384-0000 /td td(403) 384-0000/td/tr
trtda
href="mailto:dennisf@baseoilandgas.ca"dennisf@baseoilandgas.ca/a /td
td 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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