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

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.



SOURCE Base Oil

For further information:

Base Oil & Gas Ltd.

Dennis Feuchuk      Roy Evans, C.A.
President & CEO      Vice President, Finance & CFO
(403) 384-0000      (403) 384-0000
dennisf@baseoilandgas.ca     roye@baseoilandgas.ca

or visit the Company's website at www.baseoilandgas.ca

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Base Oil & Gas Ltd.

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