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
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.
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
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.
SOURCE Base Oil
For further information:
Base Oil & Gas Ltd.
or visit the Company's website at www.baseoilandgas.ca.