CALGARY, Sept. 14, 2011 /CNW/ - Base Oil & Gas Ltd. (TSXV: BOG) ("Base"
or the "Company"), is pleased to announce the results of its annual and
special meeting of shareholders held on Tuesday, September 13, 2011 in
The following directors were elected to the Board of Directors until the
Company's next annual meeting: Dennis Feuchuk (Chairman), Richard
Alexander, Bruce Hammond, Don Van Tetering and Richard Thompson. The
shareholders also approved the appointment of BDO Canada LLP as
auditors of the Company, amendments to the Company's share option plan
and the name change of the Company to "Marquee Petroleum Ltd."
Appointment of Vice President, Engineering
Base is also pleased to announce the appointment of Mr. Trevor Rath,
P.Eng to the position of Vice President Engineering effective
Mr. Rath has over 20 years of oil and gas experience, in roles of
increasing responsibility, including senior management. Most recently
Mr. Rath was a Vice President of a private junior oil and gas producer.
Mr. Rath brings significant experience in the key operating areas of
southern and eastern Alberta to Base.
Mr. Rath has provided technical support to Base Oil and Gas since the
recapitalization and reorganization of management in June, 2011.
Plans are underway for Base to drill three operated horizontal wells on
light oil plays in the 4th quarter of 2011. The first well is scheduled to be spud in early
November at Coutts, targeting the Sunburst formation. The remaining
wells will be drilled on the East Central Alberta property; the first
on a Viking oil prospect and the other targeting lower Mannville oil.
About Base Oil & Gas Ltd.
Base is a Calgary-based emerging junior oil and gas company currently
focused on high netback oil production in southern and east central
Boes may be misleading, particularly if used in isolation. A boe
conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.
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: expected timing and
results of drilling; operational decisions and the timing thereof;
development and exploration plans and the likelihood of success and the
timing thereof. 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.
Statements relating to "reserves" are by their nature forward-looking
statements, as they involve the implied assessment, based on certain
estimates and assumptions that the reserves described can be profitably
produced in the future. The recovery and reserve estimates provided
herein are estimates only and there is no guarantee that the estimated
reserves will be recovered. As a consequence, actual results may differ
materially from those anticipated in the forward looking statements
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 the Company's annual information form for the year ended
December 31, 2010 dated July 29, 2011 and Management's Discussion and Analysis which are 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
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.