Base announces results of its annual and special meeting of shareholders, appointment of VP, Engineering and Corporate Update
September 14 2011 - 8:00AM
PR Newswire (Canada)
CALGARY, Sept. 14, 2011 /CNW/ -- 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 Calgary. 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
immediately. 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.
Corporate Update Plans are underway for Base to drill three
operated horizontal wells on light oil plays in the 4(th) 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 Alberta. BOEs 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. 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: 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
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/September2011/14/c3151.html
p /p p align="left" Base Oil & Gas Ltd. /p table border="0" tr
td Richard Thompson /td td Roy Evans, C.A.
/td /tr tr td President & CEO /td
td Vice President, Finance & CFO /td /tr tr td (403)
384-0000 /td td (403) 384-0000 /td
/tr tr td a
href="mailto:richardt@baseoilandgas.ca"richardt@baseoilandgas.ca/a
/td td a href="mailto:roye@baseoilandgas.ca"roye@baseoilandgas.ca/a
/td /tr /table p align="left" or visit the Company's website
at a href="http://www.baseoilandgas.ca"www.baseoilandgas.ca/a.
/p p /p
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