BASE OIL & GAS LTD. PROVIDES AN UPDATE ON PRODUCTION AND DRILLING PROGRAM

CALGARY, Feb. 22 /CNW/ -- 
CALGARY, Feb. 22 /CNW/ - Base Oil & Gas Ltd. ("Base" or the "Company")
 (TSX VENTURE: BOG) is pleased to provide an update on its production
 and drilling program. 


The Company's share of production averaged 170 BOE's per day throughout
 the month of January 2011.


Base Oil & Gas Ltd. has elected not to participate in the previously
 announced Fourth Earning Well under the South Pembina Joint Venture
 Drilling Program.  The decision was based on a change in scope in the
 operator's drilling and completion program.  The Third Earning well
 under this Program was placed on production on December 1, 2010 and
 continues to flow without artificial lift.  The final two Earning Wells
 under this Program are expected to be drilled in the second half of
 2011.


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.


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/February2011/22/c4995.html



pBase Oil & Gas Ltd./p p/p table border="0" valign="top"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:[e-mail]"[e-mail]/a    /td tda href="mailto:[e-mail]"[e-mail]/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

Copyright