Base Oil And Gas Ltd. (TSXV:BOG)
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CALGARY, Sept. 1 /CNW/ --
CALGARY, Sept. 1 /CNW/ - Base Oil & Gas Ltd. ("Base" or
the "Company") (TSX VENTURE: BOG) has closed its previously
announced non-brokered private placement (the "Private Placement")
for aggregate gross proceeds of $373,449.90. The Company issued
1,244,833 common shares on a "flow-through" basis under the Income
Tax Act (Canada), at a price of $0.30 per share. In connection with
the Private Placement, the Company paid a 5% finder's fee. Total gross
proceeds of $1,000,000 were raised under this Private Placement together
with the Company's private placement that closed on June 30, 2010.
Proceeds from the Private Placements will be used towards financing the
Company's share of the second earning well ("2nd Earning Well")
which has been tied in and will be on production September 1, 2010.
Under a previously announced farm-in agreement to develop Cardium
production with a private company in the Pembina area, Base has earned a
22.5% working interest in this well and the related section.
All securities issued in connection with the Private Placement will be
subject to a four-month hold period.
Base is a Calgary based emerging oil and gas company, focused on the
development of oil & gas reserves in the Western Canadian Sedimentary
basin.
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.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. More
particularly, this press release contains statements concerning the use
of funds from the Private Placement and the planned operations 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 the use of funds from the Private Placement and the
Company's planned operations. 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, 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.
br/ table valign="top" border="0"trtd align="left"Base Oil & Gas Ltd. br/Dennis Feuchuk br/President & CEO br/(403) 384-0000 br/a href="mailto:dennisf@baseoilandgas.ca"dennisf@baseoilandgas.ca/a /td td align="left" valign="top" br/Roy Evans, C.A.br/Vice President, Finance & CFObr/(403) 384-0000br/ 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