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Basic Earth Provides Updates on Panther Energy Horizontal Well in Banks Field

December 10, 2008

DENVER, Dec. 10 /PRNewswire-FirstCall/ — Basic Earth Science Systems, Inc. (Basic) (OTC Bulletin Board: BSIC) announced that Panther Energy Company, LLC (Panther) has completed drilling operations on its first well in the Company’s Banks Prospect in eastern McKenzie County, North Dakota. The well, the Wil E Coyote #9-2H, reached total depth at 15,978 (11,193 feet true vertical depth). Panther has indicated that they will move the drilling rig directly to their second location on this prospect and commence drilling, rather than wait for the production results from this well.

As previously disclosed, this is the first of at least two wells that Panther is expected to drill on Basic’s acreage. Basic has a 6.5% (32.5% of 20%) carried working interest “to the tanks” on the Banks acreage contributed to the spacing unit for the first two wells and the right to participate for 6.5% interest on the Banks acreage contributed to the spacing unit in subsequent wells. At this point, the Company has no working interest in the well and therefore no cost exposure. As previously disclosed, until Panther finishes these first two wells, Panther’s continued involvement, and/or our timing to participate in subsequent wells, remains undetermined.

“We are pleased to report that Panther has finally finished drilling their first well,” commented Ray Singleton, President of Basic. “We look forward to seeing the results of the completion and hope to see production figures on this well by early January. We along with our other partners wish Panther success in drilling their second well.”

Basic is an oil and gas exploration and production company with primary operations in the Williston basin, the Denver-Julesburg basin in Colorado, the southern portions of Texas, and along the on-shore portions of the Gulf Coast. Founded in 1969, Basic is traded on the “over-the-counter- bulletin board” under the symbol BSIC. Basic’s web site is at www.basicearth.net where additional information about the Company can be accessed.

Information herein contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as “should,” “may,” “will,” “anticipate,” “estimate,” “intend” or “continue,” or comparable words or phrases. In addition, all statements other than statements of historical facts that address activities that Basic intends, expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read the SEC reports of Basic, particularly the Company’s Quarterly Report on Form 10-QSB for the quarters ended June 30 and September 30, 2008, in addition to the Company’s Annual Report on Form 10-KSB for the fiscal year ended March 31, 2008, for meaningful cautionary language disclosing why actual results may vary materially from those anticipated by management.

SOURCE Basic Earth Science Systems, Inc.


Source: newswire



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