BASE OIL & GAS LTD. PROVIDES AN UPDATE ON PRODUCTION AND DRILLING PROGRAM
2011年2月23日 - 6:16AM
PR Newswire (Canada)
CALGARY, Feb. 22 /CNW/ -- CALGARY, Feb. 22 /CNW/ - Base Oil &
Gas Ltd. ("Base" or the "Company") (TSX VENTURE: BOG) is pleased to
provide an update on its production and drilling program. The
Company's share of production averaged 170 BOE's per day throughout
the month of January 2011. Base Oil & Gas Ltd. has elected not
to participate in the previously announced Fourth Earning Well
under the South Pembina Joint Venture Drilling Program. The
decision was based on a change in scope in the operator's drilling
and completion program. The Third Earning well under this
Program was placed on production on December 1, 2010 and continues
to flow without artificial lift. The final two Earning Wells
under this Program are expected to be drilled in the second half of
2011. 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. 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. 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. To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/February2011/22/c4995.html
pBase Oil & Gas Ltd./p p/p table border="0"
valign="top"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
tda
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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