Baseline Oil & Gas Corp. Company News

Baseline Oil & Gas has announced its results for the third quarter of 2008.

All of Baseline's proved reserves are located in the Company's two 100% owned and operated fields, located in Matagorda and Stephens counties, Texas.

The company is focused on the development of its two 100% owned and operated fields in Texas: the Blessing Field in Matagorda County, south Texas; and, the Eliasville field in Stephens County, north Texas.

In the fourth quarter of 2007, Baseline Oil & Gas' average net production declined to 7.5 mmcfed in October, partly due to the short term shut-in of gas sales in the Blessing field (related to third party pipeline operations).

Baseline entered into a definitive PSA to acquire acquire producing properties from DSX for consideration of $100 million, subject to certain adjustments and closing conditions.