Base Oil And Gas Ltd. (TSXV:BOG)
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CALGARY, July 18, 2011 /CNW/ --
CALGARY, July 18, 2011 /CNW/ - Base Oil & Gas Ltd. (TSXV: BOG) ("Base"
or the "Company") is pleased to announce a property acquisition in the
Provost area of Alberta. Base has acquired 100% working interest in
19,200 net acres (30 net sections) of crown land from a private
company. The acquisition provides a new prospective high impact growth
area for the company which in the opinion of management contains access
to repeatable shallow depth (1,000-1,200 m) Viking and Mannville oil
resource plays.
The property acquisition has the following key attributes:
-- 19,200 net acres (30 net sections) of concentrated land at 100%
working interest;
-- large potential upside in the Viking and Mannville sweet light
oil resource play (30- 35 API);
-- management has identified numerous low risk horizontal drilling
locations, well positioned for growth;
-- extensive gas gathering and infrastructure in place with year
round access;
-- land is all crown, as a result any horizontal wells drilled
will qualify for the 18 month oil royalty incentive; and
-- operator activity in the area has increased for drilling Viking
and Mannville horizontal wells.
In management's opinion, the property acquisition has immediate
strategic value and provides a new core area for the company with
access to a defined repeatable Viking and Mannville horizontal play and
a concentrated undeveloped land position to support production growth.
Base is excited about this new core area as its attractive entrance
cost should enhance full cycle economics. The acquisition has a minor
near-term drilling obligation, which Base intends to fulfill by Dec 31,
2011 through its plans to drill one Viking horizontal well. Geological
mapping of existing producing wells; drill stem tests and bypass pay
analysis, has identified numerous low risk horizontal drilling
locations that should create immediate production growth for the
company.
The company was recapitalized by a new management team on June 14, 2011.
The original properties of Base at Pembina and Coutts have Cardium and
Sunburst horizontal drilling locations. Subsequently the company
announced on June 30, 2011 the property acquisition in the Ante Creek
area. This Ante Creek property is prospective for Montney liquid-rich
gas and Nordegg oil. With Ante Creek, the Provost acquisition further
enhances the inventory of oil drilling opportunities for the company.
Base has updated its investor presentation with further acquisition
details. The presentation can be viewed at www.baseoilandgas.ca.
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
Certain information included in this press release constitutes
forward-looking information under applicable securities legislation.
Such forward-looking information is provided for the purpose of
providing information about management's current expectations and plans
relating to the future. Readers are cautioned that reliance on such
information may not be appropriate for other purposes, such as making
investment decisions. Forward-looking information typically contains
statements with words such as "anticipate", "believe", "expect",
"plan", "intend", "estimate", "propose", "project" or similar words
suggesting future outcomes or statements regarding an outlook.
Forward-looking information in this press release may include, but is
not limited to, information with respect to: operational decisions and
the timing thereof; development and exploration plans, the likelihood
of success and the timing thereof; the sufficiency of and access to
pipeline infrastructure; and future royalty treatment of any future
production. Forward-looking information is based on a number of factors
and assumptions which have been used to develop such information but
which may prove to be incorrect. Although the Company believes that the
expectations reflected in such forward-looking information is
reasonable, undue reliance should not be placed on forward-looking
information because the Company can give no assurance that such
expectations will prove to be correct. In addition to other factors and
assumptions which may be identified in this press release, assumptions
have been made regarding and are implicit in, among other things: field
production rates and decline rates; the ability of the Company to
secure adequate product transportation; the impact of increasing
competition in or near the Company's plays; the timely receipt of any
required regulatory approvals; the ability of the Company to obtain
qualified staff, equipment and services in a timely and cost efficient
manner to develop its business; the Company's ability to operate the
properties in a safe, efficient and effective manner; the ability of
the Company to obtain financing on acceptable terms; the ability to
replace and expand oil and natural gas reserves through acquisition,
development of exploration; the timing and costs of pipeline, storage
and facility construction and expansion; future oil and natural gas
prices; currency, exchange and interest rates; the regulatory framework
regarding royalties, taxes and environmental matters; and the ability
of the Company to successfully market its oil and natural gas products.
Readers are cautioned that the foregoing list is not exhaustive of all
factors and assumptions which have been used.
Forward-looking information is based on current expectations, estimates
and projections that involve a number of risks and uncertainties which
could cause actual results to differ materially from those anticipated
by the Company and described in the forward-looking information. The
material risk factors affecting the Company and its business are
contained in Management's Discussion and Analysis which is available
under the Company's issuer profile on SEDAR at www.sedar.com.
The forward-looking information contained in this press release is made
as of the date hereof and the Company undertakes no obligation to
update publicly or revise any forward-looking information, whether as a
result of new information, future events or otherwise, unless required
by applicable securities laws. The forward looking information
contained in this press release is expressly qualified by this
cautionary statement.
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/July2011/18/c5906.html
p Base Oil & Gas Ltd. /p table border="0" tr td Richard Thompsonbr/ President & CEObr/ (403) 384-0000br/ a href="mailto:rthompson@baseoilandgas.ca"rthompson@baseoilandgas.ca/a /td td 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 p /p