BASE OIL & GAS LTD. PROVIDES AN UPDATE ON ITS THIRD AND FOURTH PEMBINA CARDIUM HORIZONTAL WELLS
November 23 2010 - 11:26AM
PR Newswire (Canada)
CALGARY, Nov. 23 /CNW/ -- CALGARY, Nov. 23 /CNW/ - Base Oil &
Gas Ltd. ("Base" or the "Company") (TSX VENTURE: BOG) is pleased to
update the results of its third and fourth earning wells ("Earning
Wells") under a previously announced farm-in agreement to develop
Cardium production with a private company in the South Pembina
area. The third Earning Well was stimulated with a 13-stage frac
program and flowed on clean-up for 140 hours. Over a
subsequent 48 hour production test, the well flowed at rates of 270
barrels of oil and liquids per day plus 1.8 MMcf/day of natural gas
for a combined rate of 570 BOE's per day. To date
approximately 60% of the load oil has been recovered. The
well is expected to be tied-in by December 1, 2010. Base has
earned a 30% working interest in this well and the related section
under the farm-in agreement. The fourth Earning Well is being
currently drilled and is expected to be completed with a
multi-stage frac program in early December. Under the
aforementioned farm-in agreement, by paying 50% of the drilling,
completion, equipping and tie-in costs of the fourth Earning Well,
the Company will earn a 30% working interest in the fourth Earning
Well and the Cardium rights within the section. 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. table valign="top"
border="0"trtd colspan="12"Base Oil & Gas Ltd./td/tr
trtd /td td /td td /td td /td td /td
td /td td /td td /td td /td td /td
td /td td /td/tr trtdDennis
Feuchuk br/ President &
CEO br/ (403)
384-0000 br/ a
href="mailto:dennisf@baseoilandgas.ca"dennisf@baseoilandgas.ca/a /td
tdbr/ br/ br//td tdbr/ br/ br//td tdbr/ br/ br//td tdbr/ br/ br//td
tdbr/ br/ br//td tdbr/ br/ br//td tdbr/ br/ br//td tdbr/ br/ br//td
tdbr/ br/ br//td tdbr/ br/ br//td tdRoy Evans, C.A.br/ Vice
President, Finance & CFObr/ (403) 384-0000br/ a
href="mailto:roye@baseoilandgas.ca"roy/aa
href="mailto:roye@baseoilandgas.ca"e/aa
href="mailto:roye@baseoilandgas.ca"@baseoilandgas.ca/a/td/tr
trtd /td td /td td /td td /td td /td
td /td td /td td /td td /td td /td
td /td td /td/tr trtd colspan="12"or visit the Company's
website at a
href="http://www.baseoilandgas.ca/"www.baseoilandgas.ca/a.
/td/tr/table
Copyright
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