Base Oil And Gas Ltd. (TSXV:BOG)
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CALGARY, Nov. 15 /CNW/ --
Symbol: BOG: TSX Venture
CALGARY, Nov. 15 /CNW/ - Base Oil and Gas Ltd. (the "Company") is pleased to announce its financial and operating results for the
quarter ending September 30, 2010. The Company has filed its financial
statements and related management's discussion and analysis for the
quarter ended September 30, 2010 on www.sedar.com.
The Company has completed the first two earning wells ("Earning Wells") under a previously announced farm-in agreement to develop Cardium
production with a private company in the Pembina area. The first
Earning Well was placed on production in March 2010 and the second
Earning Well in September 2010. The Company holds a 30% working
interest in the first Earning Well and a 22.5% working interest in the
second Earning Well.
A third Earning Well was drilled in October 2010. Completion of this
third Earning Well using a 13-stage frac program was completed on
November 14, 2010. The well is currently flowing back frac fluid and
will be tested over the next 72 hours. A fourth Earning Well was
spudded on November 7, 2010. Under the aforementioned farm-in
agreement, by paying 50% of the drilling, completion, equipping and
tie-in costs of each of the third and fourth Earning Wells, the Company
will earn a 30% working interest in each of the third and fourth
Earning Wells and the Cardium rights within each section.
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.
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 the Company with
respect to its 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, assumptions and risks. These factors,
assumptions and risks include, but are not limited to, the failure to
obtain the necessary regulatory approvals, the failure to obtain the
financing necessary for the Company to earn a working interest in the
third and fourth Earning Wells and risks and uncertainties 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, the Company
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.
table valign="top" border="0"trtdBase Oil & Gas Ltd./td td /td/tr 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 td a 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