Base Oil & Gas Ltd. announces the acquisition of a new core property in the Provost area
July 18 2011 - 6:30AM
PR Newswire (Canada)
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
Copyright
Base Oil And Gas Ltd. (TSXV:BOG)
Historical Stock Chart
From May 2024 to Jun 2024
Base Oil And Gas Ltd. (TSXV:BOG)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Base Oil And Gas Ltd. (TSX Venture Exchange): 0 recent articles
More Base Oil And Gas Ltd. News Articles