Basic Earth Science Systems Inc. (BSIC.OB) Announces Completion of North Dakota Well in Bakken Formation
Source: http://Blog.QualityStocks.net/?p=15548Posted on Monday, June 15th, 2009 | In Market Commentary, Small & Micro Cap
Independent oil and gas exploration and production company Basic Earth Science Systems Inc. recently updated shareholders on its Roscoe 2H-8 well in the Banks Prospect in eastern McKenzie County, N.D. The company announced the well went into production in early May 2009, testing at a rate of 543 barrels of oil, 1,185 thousand cubic feet of gas, and 122 barrels of water per day.
The well currently flows at a rate of 300 barrels of oil a day, and is drilled and operated by Basic Earth’s partner, Panther Energy Company LLC, out of Tulsa, Oklahoma. Basic Earth holds a 6.5 percent interest in the well. President of Basic Earth, Ray Singleton said the company is pleased with the completion of the well and hopes that an increase in oil prices will allow the company to commence additional drilling in the area.
In August 2008, Basic Earth signed an agreement with Panther, which gave Panther the rights to Basic Earth’s 20% interest in the Banks Prospect. Per the agreement, Panther was required to drill two horizontal wells and carry Basic Earth for its cost in those wells. Basic Earth is now required to pay its share of the cost for future wells drilled in the Bakken formation as part of the Banks Prospect.
Basic Earth is focused on growth through the discovery of new oil sources and natural gas reserves, acquiring properties it considers significant to its mission with the potential to boost cash flow. The company currently has interests in the North Dakota and Montana portions of the Williston basin, the Denver-Julesburg basin of Colorado, the southern portions of Texas, and on-shore portions of the Gulf Coast.
Let us hear your thoughts below:
Last 5 posts by QualityStocks
- November 23rd CEOcast Weekly Newsletter - November 23rd, 2009
- Longwei Petroleum Investment Holdings Ltd. (LPHI) Reports Strong Third Quarter - November 23rd, 2009
- An Opportunity to Get there First in the Media Space - November 23rd, 2009
- Akeena Solar, Inc. (AKNS) Partners with Highland Solar Achieving Canadian Market Penetration - November 23rd, 2009
- Cardio Vascular Medical Device Corp. (CVSL.OB) Applying for Patents in Europe, Canada, and Far East - November 23rd, 2009
Basic Earth Science Systems Inc.;, Colorado, Denver, Gulf Coast, horizontal wells, Market Commentary, McKenzie County;, Montana, natural gas reserves, North Dakota, Oil, Oil And Gas Exploration, Oil Prices, oil sources, Oklahoma, Panther Energy Company LLC;, Prospect;, Ray Singleton;, Small & Micro Cap, Texas, Tulsa
 About QualityStocks (http://QualityStocks.net)
Our name, QualityStocks, emphasizes our commitment to connect subscribers with companies that have huge potential to succeed in the short and long-term future. We believe strong management and vision for the future are crucial for any company to be successful. Timing is everything and we help investors succeed by providing an objective, broad-based view of the SmallCap markets on a daily basis. Please see disclaimer on QualityStocks website: http://disclaimer.qualitystocks.net |
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.