Basic Earth Science Systems, Inc. today reported its operating results for the 2nd Quarter ending September 30, 2008. Basic Earth is an independent oil and gas exploration company. Benefitting from higher oil and gasoline prices earlier in 2008, net income rose to $946,000. Oil and gas revenue was $2,697,000. Compared to the same period in 2007, net income was 120% higher and sales revenue was 51% higher.

Asked to comment on the company’s impressive results, Basic’s President, Ray Singleton, said the “combination of high commodity prices and the effect of our new Colorado wells coming on production have certainly supported the results of our second fiscal quarter.” According to Singleton, Basic Earth recognizes that declining oil prices will have a direct impact on future operations. However, he said Basic Earth has prepared a plan for this scenario based on prior experience.

Noting the company has faced