Published: November 16, 2009
Basic Earth Drills South Flat Lake Exploration Well
DENVER - (BUSINESS WIRE) - BASIC EARTH SCIENCE SYSTEMS, INC. (OTCBB:BSIC) reported that it
has commenced drilling its South Flat Lake Prospect in Sheridan County,
Montana. The initial well, the Crown #41-31, is permitted to 10,700
feet, and the Company plans to test several intervals before reaching
total depth in the Red River formation. Basic Earth has a 55.33% working
interest in the well and is the operator of the venture.
"South Flat Lake represents the first exploration prospect we have
generated in more than a decade," stated Ray Singleton, President. "Four
years in the making, this is one of the more aggressive exploration
plays that we have pursued since Christmas Meadows in 2006. In the past,
we have undertaken these types of ventures only every three to five
years because they are very high risk. Our strategy is to occasionally
include these types of investments in our 'drill-bit portfolio' as the
rewards have the potential to be immense with a fairly small cash
outlay. If we are successful on the Crown well, we plan to drill several
additional wells on the 4,000 acres under lease associated with this
prospect."
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.
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 also include comments regarding
expected drilling depths, expected encounters with formations, cash
outlay for drilling ventures, the drilling of additional wells, results
associated with the wells, rewards expected and expected interest in the
venture. 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. 110
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