Basic Earth Reports Bakken Well Production

Basic Earth Science Systems Inc. reports that the Roscoe 2H-8 well, a horizontal well in the Banks Prospect in eastern McKenzie County, N.D., came online in May at a rate of 543 barrels of oil, 1,185 mcf of gas and 122 barrels of water per day.
Drilled in the Bakken formation, the well is flowing at a rate of 300 barrels of oil per day. Basic Earth’s partner, Tulsa-based Panther Energy Co., LLC, drilled the well and is the operator, with Basic Earth retaining a 6.5 percent interest in Panther’s interest in the well.
Pleased with the successful completion of this well in the Bakken formation, company President Ray Singleton said “we are hopeful that an improvement in the price of oil will allow for addition drilling in this area.”
The Roscoe well, along with the Wil E. Coyote well previously drilled by Panther, is on the 13,000 gross acres Banks Prospect which is overlying the Bakken formation. Last August, Basic Earth signed an agreement with Panther, the terms of which give Panther the rights to Basic Earth’s 20 percent interest in the Banks Prospect, a 20-partner consortium. Under the terms of the agreement, Panther was required to drill two horizontal wells in the Bakken formation and carry Basic Earth for its cost exposure in the first two wells. Basic Earth will now be required to pay its proportional share of costs for future wells drilled.
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.

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