BASE OIL AND GAS LTD. ANNOUNCES 2010 FINANCIAL AND OPERATING RESULTS, ESTABLISHES CREDIT FACILITY, SIGNIFICANTLY INCREASES YEAR
2011年3月29日 - 5:40AM
PR Newswire (Canada)
CALGARY, March 28 /CNW/ -- Symbol: BOG: TSX Venture CALGARY,
March 28 /CNW/ - Base Oil and Gas Ltd. ("Base" or the "Company") is
pleased to announce the financial and operating results for the
year ended December 31, 2010 along with the 2010 year end
reserves. The Company has filed its reserve reports,
financial statements and related management's discussion and
analysis for the year ended December 31, 2010 on www.sedar.com.
HIGHLIGHTS -- Participated in three Earning Wells ("Earning Wells")
under the South Pembina Joint Venture Drilling Program, earning an
average working interest of 27.5% in 1,920 (528 net) acres of
Cardium rights. -- Average production of 162 boe's/d in January and
February 2011. -- Established bank credit facility up to $5.4
million effective March 24, 2011 comprised of $2.0 million
revolving operating demand loan and $3.4 million
acquisition/development loan. -- Increased proved plus probable
reserves to 985.0 Mboe (36% oil and NGL's) and proved reserves to
689.5 Mboe (41% oil and NGL's). -- The net present value ("NPV") of
Base's year end 2010 total proved plus probable reserves, at 10%
discounted value before tax is $8.0 million. -- Base's estimated
net asset value is $0.31 per basic share using (PVBT10) values on
proved plus probable reserves. -- Maintained a long reserve index
life of 13.5 years based on our 2010 exit production rate of 200
boe/d. -- Finding and development costs, including future
development capital of $16.88 per boe on proved plus probable
reserve additions and $21.98 per boe on total proved reserve
additions. FINANCIAL ($'s) Three Months Ended December 31 Year
Ended December 31 2010 2009 2010 2009 Oil and natural 45,787
418,851 gas sales 259,514 45,787 Operating netback 129,602 19,537
102,096 12,380 Funds from (115,314) (263,794) operations (10,434)
(305,859) Net earnings (49,251) (297,342) (loss) 255,594 (277,594)
Per share, basic & diluted 0.01 (0.01) (0.01) (0.04) Capital
360,100 5,254,720 expenditures 2,069,979 306,260 Working capital -
(1,785,142) (net debt) - 1,197,170 Common share 999,999 2,802,000
issues - 999,999 OPERATING Three Months Ended December 31 Year
Ended December 31 2010 2009 2010 2009 Daily Production Oil and NGL
(bbls/d) 23 7 11 2 Natural gas (mcf/d) 294 5 95 1 Oil equivalent
(boe/d @ 6:1) 72 7 27 2 Revenue Oil and NGL ($/bbl) 70.07 71.33
69.11 71.33 Natural gas ($/mcf) 4.14 3.28 4.15 3.28 Oil equivalent
($/boe @ 6:1) 39.27 65.60 42.91 65.60 Royalties $ per boe (0.78)
(0.27) (1.26) (0.27) Operating costs $ per boe (18.88) (37.34)
(31.19) (47.59) Netback $ per boe 19.61 27.99 10.46 17.74
RESERVES The Company's reserves were independently evaluated by
Sproule Associates Ltd. ("Sproule") as at December 31,
2010. The Sproule reports for the Company have been filed on
www.sedar.com. The forecasts of product prices used in this
evaluation were based on Sproule's December 31, 2010 price
forecasts as detailed below: Summary of Selected Price Forecasts
(Effective December 31, 2010) Edmonton Par WTI Cushing Price
Alberta Oklahoma 40° API AECO-C Spot Henry Hub Forecast Year
(SUS/bbl) ($Cdn/bbl) ($Cdn/MMBtu) ($US/MMBtu) 2011 88.40 93.08 4.04
4.44 2012 89.14 93.85 4.66 5.01 2013 88.77 93.43 4.99 5.32 2014
88.88 93.54 6.58 6.80 2015 90.22 94.95 6.69 6.90 2016 91.57 96.38
6.80 7.00 WTI Cushing Oklahoma for 40° API, 0.4% Sulphur Summary of
Company Gross Reserves (Forecast Pricing) (1) As at December 31,
2010 As at ((2)()) December 31 2009 ((3)) Oil Gas (MMcf) NGL
(Mbbls) Total Total (Mbbls) (Mboe) (Mboe) Proved 49.4 626 23.5
177.2 11.6 producing Proved - 203 7.6 41.4 - Non-Producing Proved
99.0 1,821 68.3 470.9 - Undeveloped Total Proved 148.4 2,650 99.4
689.5 11.6 Probable 63.7 1,137 42.6 295.6 3.1 Total Proved 212.1
3,787 142.0 985.1 14.7 Plus Probable Summary of Before Tax Net
Present Values (Forecast Pricing) ($M) ((4)) As at December 31,
2010 (() As at December (2)) 31,2009 ((3)) 0% 5% 10% 10% Proved
producing 6,034 4,154 3,273 236 Proved Non-Producing 921 800 704 -
Proved Undeveloped 7,590 3,353 1,223 - Total Proved 14,545 8,307
5,200 236 Probable 12,644 4,988 2,780 57 Total Proved Plus 27,189
13,295 7,980 293 Probable Notes: ((1)) Gross company reserves
are the company's total interest share before the deduction of any
royalties and without including any royalty interest of the
Company. ((2)) Based on Sproule's December 31, 2010 escalated
price forecast. ((3)) Based on Sproule's. December 31, 2009
escalated price forecast. ((4)) The net present values of
future net revenue do not represent fair market value. OUTLOOK In
2011 the company plans to participate in two additional Earning
Wells under the South Pembina Joint Venture Drilling Program.
By paying 50% of the costs of each well, Base can earn a 30%
working interest in 1,490 acres of Cardium rights. It is
expected that these two wells will be drilled in the third quarter
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/March2011/28/c6756.html
p /p table valign="top" border="0" tr td Base Oil & Gas Ltd.
/td td /td /tr tr td /td td /td /tr tr td
Dennis Feuchuk /td td Roy Evans, C.A.
/td /tr tr td President & CEO /td
td Vice President, Finance & CFO /td /tr tr td (403)
384-0000 /td td (403) 384-0000 /td
/tr tr td a
href="mailto:dennisf@baseoilandgas.ca"dennisf@baseoilandgas.ca/a
/td td a href="mailto:roye@baseoilandgas.ca"roye@baseoilandgas.ca/a
/td /tr tr td /td td /td /tr tr td or visit the
Company's website at a
href="http://www.baseoilandgas.ca/"www.baseoilandgas.ca/a.
/td /tr /table p /p
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