Base Oil And Gas Ltd. (TSXV:BOG)
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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