2009-11-10 15:39:04 -
Basic Earth Science Systems, Inc. (OTCBB:BSIC) reported that drilling operations on the Paulson 44-9H, a horizontal Bakken well located in Section 9, T146N R93W, Dunn County, North Dakota, has concluded. This well, reaching a total length of 19,937 feet, is the second well drilled within this 1,280-acre spacing unit. The first well, the Paulson 14-9H, is currently producing 150 barrels
of oil per day and has produced over 68,000 barrels of oil since May 2008 when it was placed on production. Basic has a 1.2469% working interest (0.9975% net revenue interest) in both wells, which were drilled and are operated by Marathon Oil Company, Houston, TX. Basic expects to spend approximately $80,000 on this effort.
“We are pleased to report that by all indications this is an excellent well,” commented President Ray Singleton. “We encountered excellent cuttings and gas shows during drilling operations; a positive indication of high-quality reservoir rock. Completion operations are underway, and we expect the well to be placed on production by mid-December.”
Singleton continued, “By the end of 2009, we anticipate drilling two vertical wells to non-Bakken targets. In addition, as mentioned in our release of November 3, 2009, we are hopeful that our partner will propose drilling additional wells in 2010 in the Banks Prospect. This prospect is sixteen miles northwest of our just-announced Lassen and King’s Canyon wells in McKenzie County, North Dakota.”
Basic Earth is an independent oil and gas exploration and production company with primary operations in the Williston Basin, the Denver-Julesburg Basin in Colorado, southern Texas and the Gulf Coast area. Basic Earth is traded on the Over The Counter Bulletin Board under the symbol BSIC. Information on Basic Earth can be found at its web site: www.basicearth.net :
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THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements include comments regarding future drilling results, drilling by partners, production rates, dollars expended on drilling projects, well outlooks, future production dates, projections regarding drilling plans and assumptions regarding working interests. Factors that could cause actual results to differ materially include price volatility of oil and gas, economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Basic Earth’s filings with the Securities and Exchange Commission, including within the “Risk Factors” contained in the Company’s Annual Report on Form 10-K filed for March 31, 2009. The Company disclaims any obligation to update forward-looking statements.
Basic Earth Science Systems, Inc.Gina Wilson, 303-296-3076,
ext. 106
