BASE OIL & GAS LTD. ANNOUNCES $2,000,000 NON-BROKERED FINANCING
10 Septembre 2010 - 1:20AM
PR Newswire (Canada)
CALGARY, Sept. 9 /CNW/ -- CALGARY, Sept. 9 /CNW/ - Base Oil &
Gas Ltd. ("Base" or the "Company") (TSX VENTURE: BOG) is pleased to
announce that it intends to issue, on a non-brokered private
placement basis (the "Private Placement") up to 7.2 million common
shares ("Common Shares") at a price of $0.28 per share for gross
proceeds of up to $2,016,000. The Private Placement is expected to
close on or before September 28, 2010. The gross proceeds of the
Private Placement will be used to finance the Company's share of
the third earning well ("3rd Earning Well") under a previously
announced farm-in agreement to develop Cardium production with a
private company in the Pembina area. By paying 50% of the drilling,
completing, equipping and tie-in costs of the 3rd Earning Well,
Base will earn a 30% working interest in the well and the Cardium
rights within the section. The second earning well ("2nd Earning
Well") under this agreement has averaged approximately 300
BOE's/day since it was put on production September 1, 2010. The
Private Placement is subject to the approval of the TSX Venture
Exchange, which may impose conditions in connection with its
approval of the Private Placement. All securities issued in
connection with the Private Placement will be subject to a
four-month hold period. Base Oil & Gas Ltd. is a Calgary based
emerging oil and gas company, focused on the development of oil and
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. 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. FORWARD-LOOKING STATEMENTS This press
release contains forward-looking statements. More particularly,
this press release contains statements concerning the use of funds
from the Private Placement and the planned operations of the
Company. The forward-looking statements contained in this document
are based on certain key expectations and assumptions made by Base
Oil & Gas Ltd. with respect to the use of funds from the
Private Placement and the Company's planned operations. 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, 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. Base Oil &
Gas Ltd., Dennis Feuchuk, President & CEO, (403) 384-0000,
dennisf@baseoilandgas.ca; Roy Evans, C.A., Vice President, Finance
& CFO, (403) 384-0000, roye@baseoilandgas.ca; or visit the
company's website at www.baseoilandgas.ca
Copyright
Base Oil And Gas Ltd. (TSXV:BOG)
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