BASE OIL AND GAS LTD. ANNOUNCES FILING OF FIRST QUARTER ENDED MARCH 31, 2011
2011年6月30日 - 9:59AM
PR Newswire (Canada)
CALGARY, June 29, 2011 /CNW/ -- FINANCIAL STATEMENTS AND CORPORATE
UPDATE Symbol: BOG: TSX Venture CALGARY, June 29, 2011 /CNW/
- Base Oil and Gas Ltd. ("Base" or the "Company") is pleased to
announce the financial and operating results for the first quarter
ended March 31, 2011. The Company has filed its financial
statements and related management's discussion and analysis for the
quarter ended March 31, 2011 on www.sedar.com. HIGHLIGHTS --
Completed a Recapitalization and Reorganization agreement on June
14, 2011, including the closing of two private placements for $1.4
million and the appointment of the following new officers: o Mr.
Richard Thompson - President and CEO, and a Director o Mr. Hany
Beshry - Executive Vice President, Exploration o Ms. M. Elizabeth
Burke-Gaffney - Vice-President, Land -- Production of 147 BOE per
day during the first quarter -- Gross revenue of $503,814 and
operating netback of $385,700, or $29.24 per BOE FINANCIAL ($'s)
Three Months Ended March 31 2011 2010 Oil and natural 503,814
24,596 gas sales Operating 385,700 (9,489) netback Funds from
288,587 (79,109) operations Net earnings 14,691 5,245 Per share,
0.001 - basic & diluted Capital 183,257 (1,647,847)
expenditures Working capital (1,765,130) 587,437 (net debt) Common
share 25,363,044 19,234,156 issues OPERATING Three Months Ended
March 31 2011 2010 Daily Production Oil and NGL 42 3 (bbls/d)
Natural gas 626 13 (mcf/d) Oil equivalent 147 6 (boe/d @ 6:1)
Revenue Oil and NGL 71.66 78.58 ($/bbl) Natural gas 4.19 4.65
($/mcf) Oil equivalent 38.19 59.47 ($/boe @ 6:1) Royalties $ per
boe (1.24) (.10) Operating costs $ per boe (7.71) (78.27) Netback $
per boe 29.24 (18.90) OUTLOOK The Company will focus predominately
on light oil and liquids-rich gas opportunities in Alberta and
Northeast B.C. The Company will supplement its exploration
and development program with a focused acquisition and
consolidation strategy. The acquisition and consolidation
strategy will expand the Company's suite of assets and provide a
platform for sustainable growth. 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/June2011/29/c2489.html
table valign="top" border="0" tr td colspan="19" Base Oil & Gas
Ltd. /td /tr tr td colspan="20" /td /tr tr td
nowrap="nowrap" colspan="2" /td td nowrap="nowrap"
/td td nowrap="nowrap" /td td nowrap="nowrap" /td td
nowrap="nowrap" /td td nowrap="nowrap" /td td
nowrap="nowrap" Richard Thompsonbr/ President and Chief Executive
Officerbr/ (403) 384-0000br/ a
href="mailto:richardt@baseoilandgas.ca"richardt@baseoilandgas.ca/a
/td td /td td /td td /td td /td td
/td td /td td /td td /td td /td
td /td td nowrap="nowrap" Roy Evansbr/ VP Finance &
CFObr/ (403) 384-0000br/ a
href="http://roye@baseoilandgas.ca"roye/aa
href="mailto:roye@baseoilandgas.ca"@baseoilandgas.ca/a /td /tr tr
td colspan="19" /td /tr tr td colspan="2" /td td
/td td /td td /td td /td td /td
td nowrap="nowrap" colspan="14" or visit the Company's website
at a href="http://www.baseoilandgas.ca"www.baseoilandgas.c/aa
href="http://www.baseoilandgas.ca"a/a. /td /tr /table p
/p
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