BASE OIL & GAS LTD. ANNOUNCES STRATEGIC PROPERTY ACQUISITION IN ANTE CREEK
2011年7月4日 - 8:30PM
PR Newswire (Canada)
CALGARY, July 4, 2011 /CNW/ -- CALGARY, July 4, 2011 /CNW/ - Base
Oil & Gas Ltd. ("Base" or the "Company") (TSX VENTURE: BOG) is
pleased to announce a property acquisition from a Private Company
for cash consideration of $300,000. The property provides Base with
6,720 gross acres (10.5 sections) of land in the Ante Creek area of
Alberta. It is located in the Montney oil and liquids rich gas
fairway and the emerging Nordegg oil resource play. The property
acquisition has the following key attributes: -- Concentrated land
position 3,664 acres (5.7 net sections) of Triassic rights for the
Montney resource play; -- 7 net potential Montney horizontal
drilling locations have been identified; -- Two suspended Montney
vertical wellbores that will be reactivated this summer; -- Recent
landsale activity in the area has seen prices as high as $2,500/ha;
-- Lands immediately adjacent to the acquired property have been
approved for 8 wells per section down spacing. This could add an
additional 7 net potential Montney horizontal well locations to our
land position; -- Horizontal Nordegg emerging oil resource play in
the Ante Creek area has gained momentum. Base will assess its
Nordegg opportunities. The property acquisition has immediate
strategic value. It provides access to a defined repeatable Montney
horizontal play and a concentrated undeveloped land to support
continuous production growth. Base Oil and Gas Ltd. is a Calgary
based emerging oil and gas company, focused on the development of
light oil and liquids-rich 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 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/July2011/04/c2952.html
table border="0" valign="top" tr td colspan="5" Base Oil & Gas
Ltd. /td /tr tr td br/ Richard Thompsonbr/ President & CEObr/
(403) 384-0000br/ a
href="mailto:rthompson@baseoilandgas.ca"rthompson@baseoilandgas.ca/a
/td td br/ br/ br/ /td td br/ br/ br/ /td td br/ br/ br/ /td td
align="left" valign="bottom" Roy Evans, C.A.br/ Vice President,
Finance & CFObr/ (403) 384-0000br/ a
href="mailto:roye@baseoilandgas.ca"roye@baseoilandgas.ca/a /td /tr
tr td colspan="5" /td /tr tr td colspan="6" or visit the
Company's website at a
href="http://www.baseoilandgas.ca"www.baseoilandgas.ca/a. /td /tr
/table
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