Basic Earth Provides Updates on Panther Energy Horizontal Well in Banks Field
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
Basic is an oil and gas exploration and production company with primary operations in the
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
SOURCE Basic Earth Science Systems, Inc.