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
