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Replacing trust with what? TRUST?
I vote the reverse takes a perfect 10.
are you ready for your reverse split cram down?
what do you think management will choose to stuff their sharemolders with ? 5? 10? or worse?
how about the news that after all the hype, and the facts that Ray "kept the polls open" until he was able to force the vote and change all of the corporate by-laws that installed him for life,.... that now the news is he can;t change the symbol to match the snappy new name?
did these BSIC.OB boys not read the FINRA fine print when they were thinking thur a waste of time like a name change? changing the name does not produce a drop of product!.... once again,... what a royal f-up on managements part. one more time with feeling!
what a press release/SEC filing.... way to endure yourself with Federal regulators, Ray and company!
"we were infuriated to learn that their approval for our name change was not completed before their new policy took effect; numerous attempts to bring our pre-June 1st filing to the attention of staff and supervisors met with "government-employee-like" apathy and indifference. It would be an understatement to say we are displeased with FINRA's position concerning a trading symbol change."
*Investopedia explains Reverse Stock Split
For example, a 1-for-2 reverse split means you get half as many shares, but at twice the price. It's usually a bad sign if a company is forced to reverse split - firms do it to make their stock look more valuable when, in fact, nothing has changed. A company may also do a reverse split to avoid being delisted
http://www.investopedia.com/terms/r/reversesplit.asp
"Competition"
"The oil and gas industry is a highly competitive and speculative business. We encounter strong competition from major and independent oil companies in all phases of our operations. In this arena, we must compete with many companies having financial resources and technical staffs significantly larger than our own. Furthermore, having pursued an acquisition strategy for over a decade, we did not develop an in-house geologic or geophysical infrastructure, as have many of our competitors. Rather than incur the time and expense to develop in-house capability, we chose to enter joint ventures with other companies to accelerate our efforts. Competition is intense with respect to acquisitions and the purchase of large producing properties because of the limited capital resources available to us. As such, we have historically focused on smaller and/or marginal properties with behind-pipe potential in our acquisition efforts. Ultimately, our future success will depend on our ability to develop or acquire additional reserves at costs that allow us to remain competitive".
-Ray and BSIC.OB friends.
Overall, I am making it!
I'm golden.
And you, TK?
How you doing stylecounciler?
if you need to..
or if you are selling, market makers will give you .90 cents.
One more thing. Shares of BSIC.OB comes with a PE that has a 50% premium to the rest of the oil digging market.
Oh yes... The rest of the oil diggers? They pay a 3 to 4%+ dividend.
Earthstone Energy, Inc. Receives FINRA Approval for Name Change
Date : 07/15/2010 @ 11:19AM
Source : PR Newswire
Stock : Earthstone Energy, Inc. Common Stock (BSIC)
Quote : 1.12 0.02 (1.82%) @ 9:00AM
http://ih.advfn.com/p.php?pid=nmona&article=43618896&symbol=bsic
Earthstone Energy, Inc. Receives FINRA Approval for Name Change
Earthstone Energy, Inc. Common Stock (OTCBB:BSIC)
Intraday Stock Chart
Today : Thursday 15 July 2010
Earthstone Energy, Inc., formerly Basic Earth Science Systems, Inc. (Earthstone, Basic or the Company) (OTC Bulletin Board: BSIC), reported today that it has received formal approval from the Financial Industry Regulatory Authority (FINRA) to change its name to, and trade under the name, Earthstone Energy, Inc. As of June 1st FINRA changed their internal policy to only change trading symbols if a corporate merger occurs. As a result, Earthstone's trading symbol will continue to be BSIC.
FINRA is the largest independent regulator for all securities firms doing business in the United States. Quoting their website, "FINRA is dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services," commented Ray Singleton, President of Earthstone. "Given that we submitted our initial application to FINRA in early March, we were infuriated to learn that their approval for our name change was not completed before their new policy took effect; certainly not an example of efficiency. To add insult to injury, numerous attempts to bring our pre-June 1st filing to the attention of staff and supervisors met with "government-employee-like" apathy and indifference. It would be an understatement to say we are displeased with FINRA's position concerning a trading symbol change."
"From an administrative standpoint," Singleton added, "shares held by 'beneficial owners,' i.e. shareholders who hold their shares through a brokerage firm, are traded through the Depository Trust Company (DTC). DTC is the central depository for the brokerage community where stock and bond certificates are deposited or transferred by the broker participants. While DTC may place a hold for the time being on issuing physical certificates, our contacts indicate that 'beneficial owners' should be able to trade their shares with no disruption. For shareholders of record, to our knowledge and based on information received from our stock transfer agent, holding a Basic Earth stock certificate should not delay the purchase or sale of their stock. We recognize that some shareholders of record might be considering exchanging their existing stock certificates just to have new Earthstone certificates. At this time, it may be premature to incur the fee to exchange certificates considering the numerous potential corporate actions pending; which include a reverse stock split, a national exchange listing and a potential trading symbol change. Certainly, we can not assess every shareholder's situation and each shareholders plans and objectives are different. We encourage any shareholder that wishes to exchange their physical certificates at this time to confer with counsel to assess their specific situation."
"Despite our disappointment with FINRA, we are moving forward on several fronts," Singleton continued. "Our newest horizontal Bakken well, the Pederson 10-3H, in the Banks prospect of McKenzie County, North Dakota, is just now on production and we await initial results from the operator once stimulation fluids have been recovered. Six wells on our Antenna property in Weld County, Colorado have been recompleted into the J-Sand formation and are now flowing back stimulation fluids with promising indications. We are pursuing four separate acquisitions that, if successful, promise to have synergistic qualities. We continue to be excited about the significance these opportunities could have on the Company's reserves and future revenues."
Earthstone Energy, Inc. 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. Earthstone Energy is traded on the Over The Counter Bulletin Board under the symbol BSIC. Information on Earthstone Energy can be found at its web site: www.earthstoneenergy.com.
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements also include comments regarding the future importance of newly drilled or recompleted wells, the success of future acquisition efforts and pending corporate actions which may, or may not, occur. Factors that could cause actual results to differ materially include price volatility of oil and gas, economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Earthstone Energy's filings with the Securities and Exchange Commission, particularly the Company's Annual Report on Form 10-K filed for March 31, 2010. The Company disclaims any obligation to update forward-looking statements.
SOURCE Earthstone Energy, Inc.
Right back where they were in 2008.
2008 Gross undeveloped - 68,151 acres.
2010 - 65,353.
2008 revenues - 7,415,000
2010 revs - 7,219,000
2008 net income - 1,763,000
2010 net - 1,028,000
2008 - Q$!. Yes, Q$.
lol! I see you been working on the site. Nice job! It really needed a boost.
Thanks, I will sell and move on lol ;)
Not to worry. Hokie, The 52 week high?..
And the facts... and the stock price movement... we're still watching.
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=bsic&sid=0&o_symb=bsic&freq=2&time=12
By: mrhalffull
14 Jul 2006,
Things are looking great. The next quarter's results will be much, much more impressive from a production growth and net income growth standpoint (due out in a month) - 2 Halvorsen's kicking in at 435 bbls oil/day!!!! - new well (we just learned about) kicking in 1.6MMCF gas/day. Next quarter= about 25% increase in production - oil= near $80/bbl - extremely high concentration of oil for BSIC (about 80% of production). I picked up some shares before the announcement today - glad I did. But we are still way to cheap at 2.30- should be in the $3's at a minimum, more like the $5's.
Basic Earth Science SYS Inc
By: mrhalffull
09 Jun 2006,
Nothing changing around here, but the stock price. As was pointed out, there was a permit for a fourth site in the Banks field. These are all for verical sites - don't know why. Zenergy's site in the field is for a horizontal well. And Zenergy just got another permit for another horizontal well three miles due south of one of our new permits. Lots of holes going into the ground in and around our newly discovered field -Zenergy's work will help us discern what is happening.
I've been tied up in two significant private business deals over the past two weeks, which are firming up. So my DD for all stocks has been down, but it seems irrational that the entire sector has been hammered. I'm eager to start buying more shares of a number of stocks - just trying to get back on top of the market.
There is no where to go but up from here, after our year end due out this month.
Yesterday I just relaxed and reviewed trades I've made over the past ten years. BSIC reminds me of the many trades that I started out around a buck (or much less) and are now $8-20. That's where I see it heading over the next few years: $8-20. I'm not worried here.
No problem, for Ibox purposes only.
TechKim...
Can you add me as an Asst MOD. Want to workon the Ibox.
Thanks!
Keep watchin Eeyore, New 52 week high yesterday and people continue to bash amazing.
Obviously they are doing something right:
- Reported net income of $1,028,000, or $0.06 per diluted share, on revenue of $7.3 million for the fiscal year end March 31, 2010 (2010)
- Net income for 2010 increased $450,000 (77.9%)from 2009
"We are extremely pleased to report our financial results for fiscal year 2010,” commented Ray Singleton, President of Earthstone Energy. “Despite the distractions of a hostile takeover attempt and the time and resources dedicated to an extensive list of proxy issues, we had a great year! We posted solid gains in BOE production and reserves; up 12% and 22%, respectively. While EBITDA did decline, our cash was up by 25%. And, net income was up so much our earnings per share nearly doubled. With the success of our sixteen well, 'down-spacing' drilling effort on our Antenna Federal property in Weld County, Colorado, our gas production increased by 30% since last year and 110% since fiscal 2008.”
It could be. But I doubt it.
The BSIC.OB 10-K clearly states that so far this year the officers have purchased all of 12,615 shares.
9,415 at .84 cents.
400 shares at .80 cents.
and 2,800 for .85 cents.
Besides, with McDeps' new midget producer portfolio running up recently on pure takeover speculation. It might be prudent to avoid them. As they are all priced higher now they they sold sell for to a big company.
Remember, The CEO who held elections open until he got the voting results that he wanted, is about to do a one for 15 reverse split cram down.
My guess is this is the company buying the shares before they announce something huge imo.
On October 22, 2008, the Company’s Board of Directors authorized a stock buyback program for the Company to repurchase up to 500,000 shares of its common stock for a period of up to 18 months. The program does not require the Company to repurchase any specific number of shares, and the Company may terminate the repurchase program at any time. On November 13, 2009, the board of directors increased the number of shares authorized for repurchase to 1,500,000. On February 10, 2010, the board extended the termination date of the program from April 22, 2010 to October 22, 2011. During the year ended March 31, 2010, 265,430 shares were repurchased under the stock buyback program and 1,204,370 shares remain available for future repurchase.
Interesting play...
-Nice earnings after hours Friday
-Low O/S and float
-No debt and $5 million cash in the balance sheet
-FPP (Amex stock) make a takeover offer for them a while back
-Offshore drillers need to start finding onshore drilling locations (BP F' up)
Current $24 million cap, should be 4-5x that at least imo.
"We are extremely pleased to report our financial results for fiscal year 2010,” commented Ray Singleton, President of Earthstone Energy. “Despite the distractions of a hostile takeover attempt and the time and resources dedicated to an extensive list of proxy issues, we had a great year! We posted solid gains in BOE production and reserves; up 12% and 22%, respectively. While EBITDA did decline, our cash was up by 25%. And, net income was up so much our earnings per share nearly doubled. With the success of our sixteen well, 'down-spacing' drilling effort on our Antenna Federal property in Weld County, Colorado, our gas production increased by 30% since last year and 110% since fiscal 2008.”
Don't know what the Shell deal has to do with shares of BSIC.OB. You know, this penny stock that has been hyped for years, now selling at an all you can eat price of 95 cents.
.95 cents, and with a pe of 24, when most all other high quality goo and gas diggers trade with pe's less than half that of BSIC.OB. High quality company's that pay out 3% or more, and growing dividends to boot.
One more glaring difference, BSIC.OB has an impending cram down, reverse split coming...
But I do know the more stock specific news.... And the reasons for the recent run up to a buck forty...
May 3rd, Jonathan Lebed promoted the shares.
Now, it's always prudent to read the Ledbeb disclaimer.
"important Legal Disclaimer".
"Gains shown on this page are rounded numbers calculated by Lebed.biz/Jonathan Lebed's profile prices and the highs reached afterwards".
"These numbers are unaudited and may not be exactly accurate".
"In many occasions it would've been very difficult if not impossible to buy the stocks mentioned at Lebed.biz/Jonathan Lebed's exact pick prices and/or sell them exactly at their highs".
"This page highlights selected stocks that have performed successfully and in no way represents Lebed.biz/Jonathan Lebed's complete track record".
And It's prudent to read that Lebed history.
http://en.wikipedia.org/wiki/Jonathan_Lebed
Not only the Ledbed disclaimer and history, it's prudent to read what Jonny Lebed says about the "services" he offers.
http://www.lebed.biz/new/index_f.php?content=services
Techkim, do you know who it was who tipped Lebed to BSIC.OB?
Shell pays $4.7 billion for strategic natgas play
http://finance.yahoo.com/news/Shell-pays-47-billion-for-rb-2357035650.html?x=0&sec=topStories&pos=3&asset=&ccode=
On Friday May 28, 2010, 5:35 am EDT
By Ben Berkowitz
AMSTERDAM (Reuters) - Royal Dutch Shell said it would pay $4.7 billion cash to buy privately held East Resources Inc, giving it substantially more exposure to crucial shale gas plays in North America.
But analysts cautioned the deal would put pressure on Shell's balance sheet at a time the company is already planning substantial spending.
The deal will increase Shell's daily gas production in North America by about 7.5 percent and give it access to a swathe of the Marcellus Shale, the northeastern U.S. rock formation that is one of the crucial sources of future U.S. gas production.
Shale gas accounts for between 15 percent and 20 percent of U.S. gas production but is expected to quadruple in coming years, touching off a scramble among producers large and small for access to resources.
A Shell spokeswoman said the company was not commenting on how it intended to finance the purchase. Shell had $8.45 billion cash and equivalents on its balance sheet at March 31 and generated nearly $4.8 billion in cash flow from operating activities in the first quarter.
"Although this is a good move it will put further pressure on the balance sheet, which is weakening with the high level of organic capital expenditure the group has committed to, and this has seen the balance sheet weaken over the past two years," Panmure Gordon analyst Peter Hitchens said in a note.
Hitchens said that weakened balance sheet would keep Shell from increasing its dividend over the next two years.
Shell shares fell in the early hours of trading before rebounding and were up 0.25 percent at 0934 GMT, outperforming declines in oil and gas indices.
PORTFOLIO UPGRADE
"These acreage additions form part of an on-going strategy, which also includes divestments, with an objective to grow and to upgrade the quality of Shell's North America tight gas portfolio," Shell chief executive Peter Voser said. East controls 650,000 net acres (2,600 square kilometers) in the Marcellus Shale, and 1.05 million net acres overall.
The rush for acreage has been met, however, with persistent weakness in gas prices. Front month gas prices are down more than 22 percent this year, though after a steady decline they began to form a bottom in late March.
Shale gas is also harder and more expensive to extract, given that it comes from rock and not traditional reservoirs, further pinching margins.
Shell said closing the deal was subject to customary regulatory approvals. Besides its majority owners, East counts private equity firm Kohlberg Kravis Roberts & Co. as an investor and Jefferies & Co. as an advisor.
The acquisition came hours after the U.S. government said it would review Shell's plans to begin drilling exploratory wells off Alaska this summer, delaying the project.
The already controversial project has faced increased scrutiny in recent weeks in the wake of the massive BP oil spill in the Gulf of Mexico.
"The news (on East) masks other bad news for Shell," Theodoor Gilissen Bankiers analyst Peter Heijen said in a research note. "That the delay falls right in the summer, just as drilling can happen there, is extra bad."
(Additional reporting by Sarah Young in London; Editing by Dan Lalor, Mike Nesbit)
Earthstone Energy Joins in New North Dakota Vertical Winnipeg Well
http://finance.yahoo.com/news/Earthstone-Energy-Joins-in-bw-3353124991.html?x=0&.v=1
Press Release Source: Earthstone Energy Inc. On Monday April 12, 2010, 1:04 pm EDT
DENVER--(BUSINESS WIRE)--Earthstone Energy Inc., formerly known as Basic Earth Science Systems, Inc. (Earthstone or the Company) (OTCBB: BSIC - News), reported today that drilling and completion operations have been concluded on our newest well. The Alfred Brown #2 well is located in Section 34, T151N-R96W, McKenzie County, North Dakota in what is considered the deep part of the Williston Basin. The well reached total depth at 15,228 feet approximately 300 feet above the Precambrian granite. Based on drill cutting sample analysis, in addition to wireline geophysical surveys, the well appears to be productive in the Winnipeg, Red River, Duperow, Nisku and Mission Canyon formations (the Bakken formation in this spacing unit is already productive in the previously disclosed Kings Canyon #21-27H and the Lassen # 41-26H wells recently drilled by ConocoPhillips and in which Earthstone participates). The Alfred Brown #2 was completed in the Red River formation. While initial indications are that the well will produce primarily natural gas, the productive capacity of the well will not be known until the well is connected to a gas sales gathering line. Earthstone has an approximate 7.25% working interest and estimates spending approximately $230,000 for our share of drilling and completion costs on this well. Murex Petroleum Corporation, headquartered in Aurora, Colorado, is the Operator of the well.
“We are excited about the preliminary results we have seen on the Alfred Brown #2; the final well we drilled in fiscal year 2010,” commented Ray Singleton, president of Earthstone Energy, Inc. “With completion operations behind us, we are only waiting on a pipeline connection to bring this well on-line and begin seeing just how productive this well may be.”
Earthstone Energy 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. Information on Earthstone Energy can be found at its Web site: http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.earthstoneenergy.com&esheet=6245950&lan=en_US&anchor=www.earthstoneenergy.com&index=1&md5=1ee610d7d9c19202bc27c96b33a71124. The Company is currently traded under the symbol BSIC on the Over The Counter Bulletin Board, pending receipt of a new trading symbol.
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements also include comments regarding results from drilling efforts, success in obtaining pipeline connections and pipeline capacity, along with potential production levels from this well, assumptions regarding working interests and partner activities. Factors that could cause actual results to differ materially include price volatility of oil and gas, economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Earthstone Energy’s filings with the Securities and Exchange Commission, including within the “Risk Factors” contained in the Company’s Annual Report on Form 10-K filed for March 31, 2009. The Company disclaims any obligation to update forward-looking statements.
Contact:
Earthstone Energy Inc.Ray Singleton, 303-296-3076, ext. 102
Basic Earth Extends Share Repurchase Program
BASIC EARTH SCIENCE SYSTEMS, INC. (OTCBB: BSIC) announced that its Board of Directors has approved an extension of its share buyback program. The program was originally announced in October 2008 and enabled the Company to purchase up to 500,000 shares of its outstanding common stock over an eighteen month period. The program has been conducted on the open market and in private transactions at prevailing market prices. Through December 31, 2009, Basic Earth had repurchased 283,015 shares of its common stock at an average price of $0.76 per share. In November 2009, the Board approved a resolution to increase the number of shares the Company can repurchase to 1.5 million, and on February 10, 2010, the Board extended the termination date of the program from April 22, 2010, to October 22, 2011.
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. Basic Earth is traded on the Over The Counter Bulletin Board under the symbol BSIC. Information on Basic Earth can be found at its Web site: www.basicearth.net.
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements also include statements regarding the share repurchase program and assumptions regarding this program. Factors that could cause actual results to differ materially include price volatility of oil and gas, economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Basic Earth’s filings with the Securities and Exchange Commission, including within the “Risk Factors” contained in the Company’s Annual Report on Form 10-K filed for March 31, 2009. The Company disclaims any obligation to update forward-looking statements.
http://ih.advfn.com/p.php?pid=nmona&article=41505226&symbol=bsic
Ok, so BSIC.OB mgmt wants to cram down shareholders, and change the BSIC.OB by-laws to further entrench themselves... And they expect you all to vote in favor of it all.
Yes, BSIC.OB's mgmt wants to do the same as Vietnam and North Korea has done this week... dilute your shares, and basically confiscate your juice. Dilute your money..
Hey, unlike Vietnam and NK, at least you get to vote for it.
http://www.telegraph.co.uk/news/worldnews/asia/northkorea/6700341/North-Korea-sharply-revalues-its-currency.html
The last line pretty much sums it up, mates.....
"There will be less cash circulating in the market and more government control of the people,"
Now we all know by now, all about this little video....
S400,000 for an 8.4 share?
According to poster ex, Ed Huffman on IV, Ray has spent about that much of BSIC.OB's sharemolders money to keep their iron fist control by changing the corporate by-laws in their favor, and craming down existing sharemolders thru a 1 for 20 reverse split.
Heh.
Now go vote like you have a say in it all.
Basic Earth Joins in New North Dakota Horizontal Bakken Well
Press Release
Source: Basic Earth Science Systems, Inc.
On 9:00 am EST, Monday November 30, 2009
http://finance.yahoo.com/news/Basic-Earth-Joins-in-New-bw-1845181626.html?x=0&.v=1
DENVER--(BUSINESS WIRE)--BASIC EARTH SCIENCE SYSTEMS, INC. (OTCBB:BSIC - News) reported that drilling operations have begun on its newest Bakken well in North Dakota. The Mondak Federal #4-14H well in Section 14, T148N-R105W, a new area of interest for Basic Earth in McKenzie County, is being drilled by XTO Energy Inc., Ft. Worth, TX. This well has a single long lateral borehole spanning Sections 14 and 23. Basic Earth has an approximate 8.40625% working interest and expects to spend approximately $400,000 for its share of drilling and completion costs on this well.
In other McKenzie County news, completion operations are now underway on both the King’s Canyon #21-27H and the Lassen #41-26H wells, approximately 50 miles east, northeast of the Mondak well. On the King’s Canyon well, operations are proceeding normally, and early reports on the Lassen Well indicate a successful completion, although initial production rates have not been finalized. Both wells are operated by partner, ConocoPhillips, Houston, TX.
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. Basic Earth is traded on the Over The Counter Bulletin Board under the symbol BSIC. Information on Basic Earth can be found at its Web site: www.basicearth.net.
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements also include comments regarding results from drilling efforts, monies expected to be dispersed, status and production levels from those wells, assumptions regarding working interests and partner activities. Factors that could cause actual results to differ materially include price volatility of oil and gas, economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Basic Earth’s filings with the Securities and Exchange Commission, including within the “Risk Factors” contained in the Company’s Annual Report on Form 10-K filed for March 31, 2009. The Company disclaims any obligation to update forward-looking statements.
Contact:
Basic Earth Science Systems, Inc.Gina Wilson, 303-296-3076, ext. 110
"South Flat Lake represents the first exploration prospect we have generated in more than a decade," stated Ray Singleton, President. "Four years in the making, this is one of the more aggressive exploration plays that we have pursued since Christmas Meadows in 2006. In the past, we have undertaken these types of ventures only every three to five years because they are very high risk".
-Ray Singleton, Nov 16, 2009.
With this most recent bust in a long list of busted digs, expect the continuation of the typical, a bunch of small pokes just to keep the lights on.
In the meantime, the three amigos with the iron fist expect SHAREMOLDERS to all vote their slate and change the BSIC.OB by-laws.... Ones that further entrench this management in perpetuity.
1. To approve certain updating amendments to, and a restatement of, Basic Earth’s Certificate of Incorporation;
2. To approve an amendment to Basic Earth’s Certificate of Incorporation to change the name of the company to “Earthstone Energy, Inc.;”
3. To approve amendments to Basic Earth’s Certificate of Incorporation in order to provide for the classification of the Board of Directors (the “Board”) and permit only the Board to fill vacancies;
4. To approve amendments to Basic Earth’s Certificate of Incorporation relating to stockholders’ action by written consent and special meetings of stockholders;
5. To approve amendments to Basic Earth’s Certificate of Incorporation increasing the stockholder vote required to amend certain provisions in the Certificate of Incorporation;
6. To approve amendments to Basic Earth’s Certificate of Incorporation in order to effect a reverse stock split of the Company’s common stock at a specific ratio to be determined by the Board in its discretion, no later than 12 months after the Annual Meeting, within a range of not less than one for four and not more than one for 12;
7. To elect three directors to Basic Earth’s Board of Directors. If Proposal No. 3 for a classified Board of Directors is approved, the director elected to Class I would serve a term of one year; the director elected to Class II would serve a term of two years; and the director elected to Class III would serve a term of three years. If Proposal No. 3 is not approved, all three directors would serve until the next Annual Meeting of Stockholders or until their successors are duly elected and qualified;
Basic Earth Concludes South Flat Lake Exploration Well
Press Release
Source: Basic Earth Science Systems, Inc.
On 11:22 am EST, Friday November 27, 2009
http://finance.yahoo.com/news/Basic-Earth-Concludes-South-bw-3223138765.html?x=0&.v=1
DENVER--(BUSINESS WIRE)--BASIC EARTH SCIENCE SYSTEMS, INC. (OTCBB:BSIC) reported that it has completed drilling operations on its South Flat Lake Prospect in Sheridan County, Montana. The Crown #41-31 was drilled to 10,650 feet and did not encounter any commercially productive intervals. Following this determination, the well was plugged and abandoned on November 25, 2009. The Company has no immediate plans to drill another well on this prospect. Basic Earth had a 55.33% working interest in the well and was the operator of the venture.
“While we are disappointed with the outcome, drilling operations were straightforward and relatively trouble free,” stated Ray Singleton, President. “The only thing worse than a dry hole is a troublesome, expensive dry hole; and this was not the case. Our efforts now are to move forward on other planned drilling ventures. We continue to evaluate acquisition opportunities and hope to find a project that is accretive to growth and provides synergy to existing operations.”
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. Basic Earth is traded on the Over The Counter Bulletin Board under the symbol BSIC. Information on Basic Earth can be found at its Web site: www.basicearth.net.
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements also include comments regarding the drilling of additional wells, results associated with the wells, rewards expected, expected interest in the venture and future acquisitions. Factors that could cause actual results to differ materially include price volatility of oil and gas, economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Basic Earth’s filings with the Securities and Exchange Commission, including within the “Risk Factors” contained in the Company’s Annual Report on Form 10-K filed for March 31, 2009. The Company disclaims any obligation to update forward-looking statements.
Contact:
Basic Earth Science Systems, Inc.Gina Wilson, 303-296-3076, ext. 110
Old news.
Priced in immediately.
What has not been priced in is the change in by-laws management wants to cram down on sharemoulders.
Stuff that entrenches management even deeper. Dilutes investors. Stuff that discourages and prevents investors to change anything.
3. To approve amendments to Basic Earth’s Certificate of Incorporation in order to provide for the classification of the Board of Directors (the “Board”) and permit only the Board to fill vacancies;
4. To approve amendments to Basic Earth’s Certificate of Incorporation relating to stockholders’ action by written consent and special meetings of stockholders;
5. To approve amendments to Basic Earth’s Certificate of Incorporation increasing the stockholder vote required to amend certain provisions in the Certificate of Incorporation;
6. To approve amendments to Basic Earth’s Certificate of Incorporation in order to effect a reverse stock split of the Company’s common stock at a specific ratio to be determined by the Board in its discretion, no later than 12 months after the Annual Meeting, within a range of not less than one for four and not more than one for 12;
7. To elect three directors to Basic Earth’s Board of Directors. If Proposal No. 3 for a classified Board of Directors is approved, the director elected to Class I would serve a term of one year; the director elected to Class II would serve a term of two years; and the director elected to Class III would serve a term of three years. If Proposal No. 3 is not approved, all three directors would serve until the next Annual Meeting of Stockholders or until their successors are duly elected and qualified;
Maybe this has not been priced in yet..... But it is a slam dunk certainty it's going to happen. MGMT has everyone out voted.
New Horizontal Bakken Well Announced by Basic Earth
http://finance.yahoo.com/news/New-Horizontal-Bakken-Well-bw-2544115668.html?x=0&.v=1
Press Release
Source: Basic Earth Science Systems, Inc.
On 9:00 am EST, Tuesday November 10, 2009
http://finance.yahoo.com/news/New-Horizontal-Bakken-Well-bw-2544115668.html?x=0&.v=1
DENVER--(BUSINESS WIRE)--Basic Earth Science Systems, Inc. (OTCBB:BSIC - News) reported that drilling operations on the Paulson 44-9H, a horizontal Bakken well located in Section 9, T146N R93W, Dunn County, North Dakota, has concluded. This well, reaching a total length of 19,937 feet, is the second well drilled within this 1,280-acre spacing unit. The first well, the Paulson 14-9H, is currently producing 150 barrels of oil per day and has produced over 68,000 barrels of oil since May 2008 when it was placed on production. Basic has a 1.2469% working interest (0.9975% net revenue interest) in both wells, which were drilled and are operated by Marathon Oil Company, Houston, TX. Basic expects to spend approximately $80,000 on this effort.
“We are pleased to report that by all indications this is an excellent well,” commented President Ray Singleton. “We encountered excellent cuttings and gas shows during drilling operations; a positive indication of high-quality reservoir rock. Completion operations are underway, and we expect the well to be placed on production by mid-December.”
Singleton continued, “By the end of 2009, we anticipate drilling two vertical wells to non-Bakken targets. In addition, as mentioned in our release of November 3, 2009, we are hopeful that our partner will propose drilling additional wells in 2010 in the Banks Prospect. This prospect is sixteen miles northwest of our just-announced Lassen and King’s Canyon wells in McKenzie County, North Dakota.”
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. Basic Earth is traded on the Over The Counter Bulletin Board under the symbol BSIC. Information on Basic Earth can be found at its web site: www.basicearth.net.
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements include comments regarding future drilling results, drilling by partners, production rates, dollars expended on drilling projects, well outlooks, future production dates, projections regarding drilling plans and assumptions regarding working interests. Factors that could cause actual results to differ materially include price volatility of oil and gas, economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Basic Earth’s filings with the Securities and Exchange Commission, including within the “Risk Factors” contained in the Company’s Annual Report on Form 10-K filed for March 31, 2009. The Company disclaims any obligation to update forward-looking statements.
Contact:
Basic Earth Science Systems, Inc.Gina Wilson, 303-296-3076, ext. 106
TK, with Ray owning 25% of the shares, effectively controlling the company with an iron fist, shareholders really don't have a choice on this, or any other matter that mgmt would like passed.
And that little bit of data mining performed in the current 14A filing in which Ray cherry picks a time frame of over and under performance of BSIC.OB and FPP, is classic bull crap. BSIC.OB has underperformed the competition and sector by wide margins over all sorts of time frames.
Funny, a merger with FPP would have effectively put BSIC.OB on the AMEX immediately. It would have saved shareholders all of the extra expense that BSIC.OB will be incurring. And not one "sharemolder" would be getting a cram down dilution like Ray is now proposing. This whole thing is all about keeping control. for Ray and co.
Why did Ray and company not press release the complete proposals? All nine of them?
1. To approve certain updating amendments to, and a restatement of, Basic Earth’s Certificate of Incorporation;
2. To approve an amendment to Basic Earth’s Certificate of Incorporation to change the name of the company to “Earthstone Energy, Inc.;”
3. To approve amendments to Basic Earth’s Certificate of Incorporation in order to provide for the classification of the Board of Directors (the “Board”) and permit only the Board to fill vacancies;
4. To approve amendments to Basic Earth’s Certificate of Incorporation relating to stockholders’ action by written consent and special meetings of stockholders;
5. To approve amendments to Basic Earth’s Certificate of Incorporation increasing the stockholder vote required to amend certain provisions in the Certificate of Incorporation;
6. To approve amendments to Basic Earth’s Certificate of Incorporation in order to effect a reverse stock split of the Company’s common stock at a specific ratio to be determined by the Board in its discretion, no later than 12 months after the Annual Meeting, within a range of not less than one for four and not more than one for 12;
7. To elect three directors to Basic Earth’s Board of Directors. If Proposal No. 3 for a classified Board of Directors is approved, the director elected to Class I would serve a term of one year; the director elected to Class II would serve a term of two years; and the director elected to Class III would serve a term of three years. If Proposal No. 3 is not approved, all three directors would serve until the next Annual Meeting of Stockholders or until their successors are duly elected and qualified;
8. To ratify the appointment of Ehrhardt Keefe Steiner & Hottman PC as our independent registered public accounting firm for the current fiscal year; and
9. To transact such other business as may properly come before the Annual Meeting or any postponements or adjournments thereof.
Read proposals number 3,4 and 7.
Proposal 7 , Ray will cram down a staggered board. A very effective way for mgmt to keep control total control of the company.
http://en.wikipedia.org/wiki/Staggered_Board_of_Directors
Staggered Board of Directors
From Wikipedia, the free encyclopedia
A staggered board of directors or classified board is a practice governing the board of directors of a company, corporation, or other organization in which the members of the board of directors are elected little at each time instead of en masse (where all directors have one-year terms). Each group of directors falls within a specified "class"—e.g., Class I, Class II, etc.—hence the use of the term "classified" board.
In publicly held companies, staggered boards have the effect of making hostile takeover attempts more difficult. When a board is staggered, hostile bidders must win more than one proxy fight at successive shareholder meetings in order to exercise control of the target firm. Particularly in combination with a poison pill, a staggered board that cannot be dismantled or evaded is one of the most potent takeover defenses available to U.S. companies.
Institutional shareholders are increasingly calling for an end to staggered boards of directors -- also called "declassifying" the boards. The Wall Street Journal reported in January of 2007 that 2006 marked a key switch in the trend toward declassification or annual votes on all directors: more than half (55%) of the S&P 500 companies have declassified boards, compared with 47% in 2005.
Similar staggering of terms are used for that reason in the election of U.S. Senators, members of the Securities and Exchange Commission, and other public bodies. By design, they have the effect of limiting control of a representative body (a board of directors, the Senate, the SEC, etc.) by the body being represented (shareholders, voters, the President).
Synonym: classified board. "Under this provision, the board is divided into separate classes, usually three, with directors serving overlapping multiyear terms. Thus, apporximately one-third of all directos stand for election each year, and each director is reelected roughly once every three years."
BTW, who was it that originally suggested shares of BSIC to you?
Basic Earth Seeks Approval for Reverse Stock Split
Press Release
Source: Basic Earth Science Systems, Inc.
On 9:00 am EST, Thursday November 5, 2009
http://finance.yahoo.com/news/Basic-Earth-Seeks-Approval-bw-3715453960.html?x=0&.v=1
DENVER--(BUSINESS WIRE)--BASIC EARTH SCIENCE SYSTEMS, INC. (OTCBB: BSIC - News) announced today that it has filed its definitive Proxy Statement, Schedule 14A, with the Securities and Exchange Commission for its Annual Meeting of Shareholders that will be held December 15, 2009, 9:30 a.m., at 1550 Seventeenth Street, Suite 500, Denver, Colo., 80202.
“This year’s proxy has a number of proposals, some of which are designed to improve the corporate governance structure at Basic Earth, and all of which are designed for the benefit of our shareholders,” said President Ray Singleton. “Within the nine proposals listed, the one that we are most excited about is proposal 6, which is a reverse stock split. Currently, we meet all the requirements to list on a national securities exchange except for the price of our stock. A reverse split would increase the share price to the point that Basic Earth would then satisfy this requirement. If we are able to move onto a national securities exchange, we anticipate that the trading of the common shares of our stock will be greatly enhanced.” He added, “Initially, we would hope to see a reduction in the bid/ask spread of the stock and an increase in the daily trading volume. Further, we would hope that the stock would be more appealing to a larger investor pool.”
Singleton continued, “We are also proposing a change in the name of the Company to Earthstone Energy, Inc. Originally organized as a geophysical service company, our name, Basic Earth Science Systems, Inc., is more appropriate for our former business. As the Company has evolved, this name does not represent our current business focus. With this proposed name change we retain 'earth,' yet announce that we are involved in the energy business. As we anticipate moving to a new exchange, we believe this new name will be essential to accurately reflect the nature of our business.”
“We know that this proxy is inordinately long, but the proposals we have submitted to shareholders should, if approved, bring the Company more in line with its peers and provide benefit for our shareholders. With this in mind, the Board of Directors is requesting that shareholders read the proposals carefully, and then vote 'for' all proposals,” Singleton concluded.
In addition to the proposed stock split and name change, Basic Earth is asking its shareholders to approve seven additional proposals. The proposals are outlined in the Company’s Proxy Statement that can be accessed on Basic Earth’s Web site, along with the Annual Report and Proxy Card. The Annual Report, Proxy Statement and Proxy Card are being mailed to all shareholders on or about November 9, 2009. If you would like additional sets of this information or the Company’s Annual Report on Form 10-K, please contact Investor Relations, 303-296-3076, ext. 110.
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. Basic Earth is traded on the Over The Counter Bulletin Board under the symbol BSIC. Information on Basic Earth can be found at its Web site: www.basicearth.net.
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements also include comments regarding the ability to list on a national securities exchange, improvement of expected results from listing on a national securities exchange, merits of beneficiation for shareholders. Factors that could cause actual results to differ materially include price volatility of oil and gas, economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Basic Earth’s filings with the Securities and Exchange Commission, including within the “Risk Factors” contained in the Company’s Annual Report on Form 10-K filed for March 31, 2009. The Company disclaims any obligation to update forward-looking statements.
Contact:
Basic Earth Science Systems, Inc.Gina Wilson, 303-296-3076, ext. 110
The board of directors awarded the CEO. I would tend to believe that is slightly disgusting at all who trusted this company management as investors. A raise of $163,636?
Makes me want to grumble.
Massive declines in everything fundamental, revenues, income, cash, cash flow.... in this penny stock, .OB/bulletin board issue, and the CEO who controls 25% of the shares, this year rewards himself with a compensation package raise of $163,636, to a record $337,422?
Heh.
Basic Earth Participates in Additional North Dakota Horizontal Bakken Wells
BASIC EARTH SCIENCE SYSTEMS, INC. (OTCBB:BSIC) reported that drilling operations are underway on the second of two Bakken wells in McKenzie County, North Dakota. Along with its partner, ConocoPhillips, Basic Earth is currently drilling the King’s Canyon #21-27H well in Section 27, T151N-R96W, a new area of interest in McKenzie County for Basic Earth. This well has a single long lateral borehole spanning Sections 27 and 34. Basic Earth has an approximate 1.13% working interest and expects to spend approximately $64,000 for its drilling and completion cost in this well.
In addition, completion operations are currently underway on our newly drilled Lassen #41-26H, located in the adjacent sections. This well also has a single long lateral and spans Sections 26 and 35. In this well, Basic Earth has an approximate 0.114% working interest and expects to spend approximately $8,000 in this endeavor. ConocoPhillips will operate this well in addition to the King’s Canyon well.
“The successful drilling of the Lassen, our newest horizontal Bakken well should yield production data by the end of November, and drilling operations are progressing favorably on the nearby King’s Canyon well,” said Ray Singleton, President. He added, “These two wells are our fifth and sixth in the Bakken/Three Forks trend in North Dakota.”
Singleton continued, “Twenty miles to the southeast of the Lassen and King’s Canyon, we continue to hold Bakken/Three Forks acreage in the Banks Prospect. With oil prices fluctuating in the high $60’s to low $80’s, we are hopeful that our partner in this prospect will resume drilling next quarter with as many as three additional wells. If drilling resumes, Basic Earth anticipates spending up to $360,000 per well and have a working interest as high as 6.5%.”
In addition to the Banks Prospect efforts, Basic Earth is planning to drill three more wells before the end of 2009 and expects to have more information on these ventures as they develop. If all six of these wells are drilled, the Company expects to capitalize another $1 to $2 million in expenditures before the end of our fiscal year.
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. Basic Earth is traded on the Over The Counter Bulletin Board under the symbol BSIC. Information on Basic Earth can be found at its Web site: www.basicearth.net.
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements also include comments regarding future drilling efforts, number of wells to be drilled, results from those drilling efforts, timing of those efforts, monies expected to be dispersed, status of those wells, assumptions regarding working interests and partner activities and statements regarding particular formations. Factors that could cause actual results to differ materially include price volatility of oil and gas, economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Basic Earth’s filings with the Securities and Exchange Commission, including within the “Risk Factors” contained in the Company’s Annual Report on Form 10-K filed for March 31, 2009. The Company disclaims any obligation to update forward-looking statements.
Date : 11/03/2009 @ 9:00AM
Source : Business Wire
http://ih.advfn.com/p.php?pid=nmona&cb=1257257292&article=40182084&symbol=NB%5EBSIC
Basic Earth Reports 1st Quarter Earnings for Fiscal 2010
Press Release
Source: Basic Earth Science Systems, Inc.
On Wednesday August 12, 2009, 7:46 pm EDT
http://finance.yahoo.com/news/Basic-Earth-Reports-1st-bw-1110202493.html?x=0&.v=1
Basic Earth Science Systems Inc.
DENVER--(BUSINESS WIRE)--BASIC EARTH SCIENCE SYSTEMS, INC. (OTCBB:BSIC - News) reported net earnings of $249,000, $.01 per share on a diluted basis, on revenue of $1.5 million, for the first quarter of fiscal 2010, ended June 30, 2009, compared with $1.4 million, $.08 per share on a diluted basis, on revenue of $3.3 million, for the same period ended June 30, 2008.
Chief Executive Officer and President Ray Singleton said, “Oil production for the first quarter was essentially the same as it was a year ago. However, our revenue and earnings declined because of the significant drop in the price of oil from a year ago. At $52 per barrel, our realized price for the first quarter was 57% lower than the $120 per barrel that we realized a year ago in the first quarter of fiscal 2009. Gas prices were also lower at $5.40 per thousand cubic feet, 46% less than the $10 per thousand cubic feet received for the year ago quarter.”
Oil production for the first quarter of fiscal 2010 was 24,343 barrels, a slight increase over the 23, 911 barrels produced in the same period of 2009. Gas production was 35,186 thousand cubic feet in the first quarter of fiscal 2010 compared to 43,072 thousand cubic feet in the same period of 2009. This decrease was due to a decline in production from the Antenna Federal property in Weld County, CO, where we have recently drilled 16 new wells. This decline is considered normal for the first year of production in this field.
Total lifting costs (production costs plus severance taxes) for the first quarter dropped by 29% to $19.47 per barrel of oil equivalent compared to $27.28 for the same period in 2009. This was accomplished primarily by both shutting-in higher cost wells and by incurring lower severance taxes, a result of lower commodity prices.
“Our objective has been to lower our operating costs, and with the decline in oil prices, efforts to reduce service company costs are generating positive results. In the first quarter of fiscal 2010, we were able to reduce production expenses by 17% and overall lifting costs by 29%,” said Singleton.
Operating Highlights
In May 2009, the Roscoe 2H-8 well located in eastern McKenzie County, ND, came online and is currently producing 100 barrels of oil per day. Basic Earth has a 6.5% interest in the well, located in the Bakken formation on the Banks Prospect. The well was drilled by and is operated by Panther Energy Company, LLC, Tulsa, OK.
Also in May 2009, the Halvorsen State 31X-36, a new Bakken well in Richland County, MT, began producing. During June, the well produced an average of 255 barrels of oil per day. The well has stabilized and all stimulation fluid has been recovered. Basic Earth has an approximate 26% working interest in the well, which is operated by XTO Energy Inc., Fort Worth, TX.
Commenting on the current state of the industry and the healthier oil price, Singleton said, “We are certainly much more comfortable with our cash flow given the rebound of the oil price from a low of $34 in December 2008 to the $60 - $70 range we have been experiencing more recently. We are continuing to examine what we believe are noteworthy opportunities in our primary areas of focus. We believe the projects we are currently evaluating have the potential to contribute to our objective of growing production in the future.”
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. Basic Earth is traded on the Over The Counter Bulletin Board under the symbol BSIC. Information on Basic Earth can be found at its Web site: www.basicearth.net.
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements also include comments regarding assumptions regarding production rates and growth, operating costs, reduction of operation costs, commodity prices, industry outlook, future drilling activities, acquisitions and industry opportunities. Factors that could cause actual results to differ materially include price volatility of oil and gas, economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Basic Earth’s filings with the Securities and Exchange Commission, including within the “Risk Factors” contained in the Company’s Annual Report on Form 10-K filed for March 31, 2009. The Company disclaims any obligation to update forward-looking statements.
http://finance.yahoo.com/news/Basic-Earth-Reports-1st-bw-1110202493.html?x=0&.v=1
Basic Earth Updates Montana Horizontal Bakken Efforts
Press Release
Source: Basic Earth Science Systems, Inc.
On Thursday July 23, 2009, 8:30 am EDT
http://finance.yahoo.com/news/Basic-Earth-Updates-Montana-bw-1721701491.html?x=0&.v=1
Buzz up! 0 Print.Companies:Basic earth science systems inc.
DENVER--(BUSINESS WIRE)--BASIC EARTH SCIENCE SYSTEMS, INC. (OTCBB:BSIC - News) reported, along with its partner XTO Energy Inc., that its new horizontal Bakken well in Richland County, Montana, the Halvorsen-State 31X-36, is now producing. During June 2009, the second full month of production, the well produced approximately 7,649 barrels of oil and 534 barrels of water or an average of 255 and 20 barrels per day, respectively. Compared to its initial production, this is an indication the well has started to stabilize and that stimulation fluid has been fully recovered. During the last six days of April, while the well was still recovering stimulation fluid, it produced 167 barrels of oil and 450 barrels of water or an average of 28 and 75 barrels per day, respectively. Basic has an approximate twenty-six percent working interest in the well, which is operated by XTO Energy Inc.
“Ray Singleton, President, said, “We are pleased with the results that appear to indicate success with our newest horizontal Bakken well. With oil prices rising from lows in December 2008, we are putting plans in place that are expected to show positive results for Basic Earth’s future growth. With our previously announced efforts on the Banks prospect in North Dakota plus a number of new projects we are evaluating, we are hoping to exceed the production levels and profitability we achieved in fiscal year 2009.”
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. Basic Earth is traded on the Over The Counter Bulletin Board under the symbol BSIC. Information on Basic Earth can be found at its Web site: www.basicearth.net.
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements include comments regarding production rates, future growth plans and financial results. Factors that could cause actual results to differ materially include price volatility of oil and gas, economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Basic Earth’s filings with the Securities and Exchange Commission, including within the “Risk Factors” contained in the Company’s Annual Report on Form 10-K filed for March 31, 2009. The Company disclaims any obligation to update forward-looking statements.
Contact:
Basic Earth Science Systems, Inc.Gina Wilson, 303-296-3076, ext. 110
Basic Earth Reports News on Christmas Meadows Project
Press Release
Source: Basic Earth
On Wednesday July 22, 2009, 11:42 am EDT
http://finance.yahoo.com/news/Basic-Earth-Reports-News-on-bw-4271993798.html?x=0&.v=1
Companies:Basic earth science systems inc.
DENVER--(BUSINESS WIRE)--Basic Earth Science Systems, Inc. (OTCBB:BSIC - News) has been advised that Double Eagle Petroleum Co. released information regarding its Christmas Meadows project on July 21, 2009. Basic Earth has a 1-1/2% working interest in this project. The text of the release follows:
Double Eagle Petroleum Co. announced today that on June 22, 2009 the Bureau of Land Management (BLM) approved the suspension of operations and production (SOP) for all leases within the Main Fork Environmental Impact Study Area (EIS) effective May 1, 2009. This area includes the TTU#1 wellbore.
The SOP includes all federal leases which Double Eagle owns an interest on its Main Fork federal unit prospect. The SOP stops the expiration of all lease terms and halts any lease rentals until the EIS is completed. Double Eagle had requested the EIS be prepared to evaluate the impacts of a full-field development scenario in the area. Double Eagle plans to meet in the third quarter of 2009 with officials from the Bureau of Land Management and the United States Forest Service to discuss the commencement of the EIS process, which is expected to take up to three years to complete. In the meantime, Double Eagle will not be prevented from exercising its approved rights to re-enter the TTU #1 wellbore or drill a new well at the TTU #3 well site.
Commenting on the news, Ray Singleton, President of Basic Earth, said, “We are gratified with this new development because without this action by the BLM, the leases that comprise the Main Fork Unit would have begun to expire in August 2009 as we disclosed in our recent 10-K filing.” He added, “Had this occurred, the Company would have been required to incur a non-cash charge that would have resulted in a reduction in earnings per share beginning in the second quarter of 2009. More importantly, Basic Earth and its partners now have time to develop, monetize or farm-out this very interesting project.”
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. Basic Earth is traded on the Over The Counter Bulletin Board under the symbol BSIC. Information on Basic Earth can be found at its web site: www.basicearth.net.
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements also include comments regarding impairment of assets, account assumptions, assumptions regarding working interests and future lease expirations. Factors that could cause actual results to differ materially include price volatility of oil and gas, economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Basic Earth's filings with the Securities and Exchange Commission, including within the "Risk Factors" contained in the Company's Annual Report on Form 10-K filed for March 31, 2009. The Company disclaims any obligation to update forward-looking statements.
Contact:
Basic EarthGina Wilson, 303-296-3076, ext. 110
At least it has a little spirit in it.
I only got about $800K revs and a penny or so loss so I was most of the volume today (sold some). Still holding some but took the small profit on the rest.
At least they got the tough Q out of the way and have some good tangible book value support (esp compared to peers) IMO.
Basic Earth Reports 2009 Fiscal Year End Results
Press Release
Source: Basic Earth Science Systems, Inc.
On Thursday June 18, 2009, 6:21 pm EDT
http://finance.yahoo.com/news/Basic-Earth-Reports-2009-prnews-4041218543.html?x=0&.v=1
DENVER, June 18 /PRNewswire-FirstCall/ -- BASIC EARTH SCIENCE SYSTEMS, INC. (OTC Bulletin Board: BSIC - News) reported net income of $578,000, or $0.03 per diluted share, on revenue of $9.1 million for the fiscal year end March 31, 2009. This compares with net income of $1.8 million, or $0.10 per diluted share, on revenue of $7.5 million for the fiscal year end March 31, 2008. These results are accurate and reflect compliance with generally accepted accounting principles (GAAP). Nevertheless, other factors, as noted below, should be considered in evaluating the performance of Basic Earth during the fiscal year end March 31, 2009.
Ray Singleton, President of Basic Earth commented, "Although many oil and gas companies struggled this year, after a thorough examination of the numbers, it is clear that we truly had a great year! It was also a year of enormous volatility. Oil posted a high of $145.29 in June 2008, but declined to $44.60 at December 31, 2008; nearly a 70% drop. At December 31, 2008, consistent with many companies in the industry, Basic Earth took a $2.7 million impairment write-down of its oil and gas properties. This was a direct result of the extreme downturn in the price per barrel of oil noted above. While impairment was the largest, oil price related, non-cash charge to our GAAP earnings, oil price related increases to depletion and accretion expense also adversely impacted GAAP earnings. Furthermore, at year end, three months later, oil prices had recovered to a point where an impairment charge might not have been warranted."
Ray Singleton further stated, "By focusing on earnings before interest, taxes, depreciation amortization (EBITDA) and other non-cash expenses, we can see how these non-cash adjustments adversely depicted the results of our entire year. EBITDA was $4.4 million in 2009 compared to $4.0 million in 2008, a 10% increase, painting a much different and more favorable picture than the earnings under GAAP."
He added, "The key factor in our operating statistics is that both oil and gas production volumes went up during the fiscal year; a reversal of the downward trend we experienced from 2007 to 2008. Our hope is that this trend will continue as we expand our efforts to add to our production and reserve profile."
During the fiscal year ending March 31, 2009, the Company produced 92,657 barrels of oil and 175,413 MCF of gas, an increase of 3.6% and 61.5%, respectively, over the same fiscal 2008 period. Gas production increased primarily due to the completion of new Antenna Federal wells in the Denver-Julesberg Basin, Weld County, Colorado, in fiscal 2009. Operating expenses were $2.5 million for 2009 compared to $2.1 million for fiscal 2008. The increase is primarily due to expenses incurred with new wells coming online and a dramatic increase in rig and service company prices as oil prices pushed above $100 per barrel. "All in, lifting cost per BOE (barrel of oil equivalent) was $26.09 compared to $19.27 for the same period in 2008." Singleton continued, "We have seen a notable drop in rig and service company prices since year end and expect our production expenses to decline over the next few quarters as we continue to negotiate with our vendors to bring prices back down to levels more appropriate considering current commodity prices."
Reserves for fiscal 2009 were 638,000 barrels of oil and 936,000 MCF of gas, a decline of 41% and 16%, respectively, from the same period in 2008. Since reserves are a function of commodity prices, this decline in reserves was primarily due to lower oil and gas prices at year end, relative to prices at March 31, 2008. Commenting on the decline in reserves for 2009, Singleton said, "Unfortunately, these price declines more than 'masked' the positive impact of the reserve additions contributed by our new Antenna-Federal wells in Colorado. Had year end 2009 prices stayed constant from year end 2008, we believe we would have seen reserve increases rather than decreases. Also, with these price declines, projections of future reserve recoveries, and the rules by which these projections are generated, create the impression of reservoir volatility or that reserves have somehow been 'lost.' Physically, this is not the case. With the exception of those barrels that we have produced and sold this last year, the barrels of reserves that we reported last year are still there in the reservoir at this year's end. Furthermore, as oil prices improve, as they have done since year end, we continue to 'find' those 'lost' barrels every day that prices increase."
Despite the drop in commodity prices at March 31, 2009, the average realized price per barrel of oil received in fiscal 2009 was $79.93, compared to $75.47 per barrel for fiscal 2008. The average realized price per thousand cubic foot of gas received in fiscal 2009 was $9.04 compared to $6.13 for fiscal 2008. The average BOE price was $73.70 for 2009 compared to $68.66 for 2008.
During fiscal year 2009, general and administrative expenses increased $631,000 or 81% from the same period in 2008. Singleton said, "The largest portion of this increase is associated with increases in the cost of financial reporting for a public company, including achieving compliance with Sarbanes-Oxley (SOX) reporting requirements. Consulting fees associated with the implementation and staff additions necessary to create redundant processes and documentation, contributed significantly to this increase in SOX costs. In addition, legal and accounting fees associated with both the restatement of last year's financial statements and the unsolicited tender offer that occurred in our fourth quarter, added significantly to our G&A expenses. To a lesser degree, rent and salaries expense also increased. With our 'Sarbanes' procedures now, more or less in a maintenance mode, we foresee our G&A costs declining in our second and third quarters. If the postponement of Sarbanes-Oxley, Section 404(b) implementation for smaller filers continues, we believe these reductions will continue through our fourth quarter."
"Going forward, our goal is to grow our production and reserves. The Board of Directors and I have adjusted our growth strategy to capitalize on the opportunities we believe we are seeing and will see in the future. We intend to put and emphasis on acquisitions, even though the drill bit is still an important part of our strategy in adding reserves. Our ultimate goal is to create value for our shareholders. We believe the opportunities at this point in time are substantial, and will allow us to accomplish this."
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. Basic Earth is traded on the Over The Counter Bulletin Board under the symbol BSIC. Information on Basic Earth can be found at its web site: www.basicearth.net.
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements, which can be identified by words such as: "should," "may," "will," "anticipate," "expect," "estimate," "continue," "believe" or other comparable words. Forward-looking statements also include comments regarding reserve additions, production increases, future production costs, assumptions regarding working interests in each well and future forecasts and conclusions regarding production rates. Factors that could cause actual results to differ materially include price volatility of oil and gas, economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Basic Earth's filings with the Securities and Exchange Commission, including within the "Risk Factors" contained in the Company's Annual Report on Form 10-K filed for March 31, 2009. The Company disclaims any obligation to update forward-looking statements.
Financial Highlights
Year Ended March 31
2009 2008
---- ----
Revenue $9,086,000 $7,447,000
Net income 578,000 1,763,000
Basic net income per share $0.03 $0.10
Diluted net income per share $0.03 $0.10
Weighted avg. number of shares outstanding,
basic 17,477,216 17,370,256
Weighted avg. number of shares outstanding,
diluted 17,477,216 17,480,671
this should be everyone's favorite line.
the line from the presser, the game changer many just might have missed.
"Basic Earth will now be required to pay its proportional share of costs for future wells drilled".
Basic Earth Reports Production from Bakken Well
On Thursday June 11, 2009, 5:29 pm EDT
http://finance.yahoo.com/news/Basic-Earth-Reports-bw-15506012.html?.v=1
DENVER--(BUSINESS WIRE)--BASIC EARTH SCIENCE SYSTEMS, INC. (OTCBB: BSIC - News) reports that the Roscoe 2H-8 well, a horizontal well located in the Banks Prospect in eastern McKenzie County, ND, came online in early May 2009. The well tested at a rate of 543 barrels of oil, 1,185 thousand cubic feet of gas and 122 barrels of water per day. Drilled in the Bakken formation, the well is currently flowing at a rate of 300 barrels of oil per day. Basic Earth’s partner, Panther Energy Company, LLC, Tulsa, OK, drilled the well and is the operator, with Basic Earth retaining a 6.5% interest in Panther’s interest in the well.
Commenting on the initial well production, President Ray Singleton said, “We are pleased with the successful completion of this well in the Bakken formation and 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 located on the 13,000 gross acres Banks Prospect which is overlying the Bakken formation. In August 2008, Basic Earth signed an agreement with Panther, the terms of which give Panther the rights to Basic Earth’s 20% 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. Basic Earth is traded on the Over The Counter Bulletin Board under the symbol BSIC. Information on Basic Earth can be found at its Web site: www.basicearth.net.
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding production rates, assumptions regarding working interests in each well and future forecasts and conclusions regarding production rates. Factors that could cause actual results to differ materially include price volatility of oil and gas, economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Basic Earth’s filings with the Securities and Exchange Commission, including the “Risk Factors” contained in the Company’s Annual Report on Form 10-K filed on March 31, 2008. The Company disclaims any obligation to update forward-looking statements.
Contact:
Basic Earth Science Systems, Inc.
Ray Singleton, 303-296-3076, ext. 102
I have little help to offer you! The trade for BSIC has been slow for the past several months.
I had been quietly collecting a bit of this in the high $0.7s last few weeks but someone else was in there too on the bid going above me sometimes. Didn't get as much as I was hoping for though. I do have some concerns but around book value it seemed worthwhile.
Today it looks like heium has this with the low volume move up. I'll take it though :)
Looking for more of a trade on valuation with this.
Form 8-K for BASIC EARTH SCIENCE SYSTEMS INC
http://biz.yahoo.com/e/090407/bsic.ob8-k.html
--------------------------------------------------------------------------------
7-Apr-2009
Other Events
Item 8.01 - Other Items
On March 24, 2009, Basic Earth Science Systems, Inc. (the "Company") announced plans to resume the share buy back program initiated in November of 2008. The program had been suspended due to the proposed exchange offer by FieldPoint Petroleum Corporation ("FieldPoint") on January 14, 2009. On March 16, 2009, the exchange offer was terminated by FieldPoint. The Company issued a press release commenting on the termination of the exchange offer, and a copy of the press release is attached hereto as Exhibit 99.1 .
On March 25, 2009, the Company announced the progress of and updates to the Wil E. Coyote 9-2H well, as operated by Panther Energy Company. A copy of the press release is attached hereto as Exhibit 99.2 .
On April 2, 2009, the Company reported on the drilling of a new horizontal well, the Halvorsen-State 31X-36, in Richland County, Montana. A copy of the press release is attached hereto as Exhibit 99.3 .
Item 9.01 - Exhibits
(d) Exhibits.
Exhibit No. Description
99.1 Press Release dated March 24, 2009
99.2 Press Release dated March 25, 2009
99.3 Press Release dated April 2, 2009
Basic Earth Provides Updates on Panther Energy Horizontal Wells in Banks Field
Wednesday March 25, 2009, 1:18 pm EDT
http://finance.yahoo.com/news/Basic-Earth-Provides-Updates-prnews-14743269.html
Basic Earth Science Systems Inc.
DENVER, March 25 /PRNewswire-FirstCall/ -- Basic Earth Science Systems, Inc. (Basic) (OTC Bulletin Board: BSIC - News) announced that Panther Energy Company's (Panther) first well, the Wil E. Coyote 9-2H has been released from confidential status and has reported an initial potential of 486 barrels of oil, 500 MCF gas and 202 barrels of water. The well continues to flow without the aid of artificial lift and has averaged 185 barrels of oil per day or approximately 4,400 barrels since the well was placed on production February 18th. Originally designed to drill horizontally in the Bakken formation, the well was redesigned to drill horizontally in the Three Forks formation when the vertical pilot hole encountered attractive rock cuttings in the Three Forks.
Related Quotes
Symbol Price Change
BSIC.OB 0.8740 0.0000
As previously disclosed, this was the first of two wells that Panther drilled on Basic's acreage. Basic has a 6.5% 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. Basic has an interest in approximately 11,500 gross undeveloped acres (~720 net acres) and as a result could have exposure to ten or more new wells
The second Panther well, the Roscoe 2H-8, is currently being completed horizontally in the Bakken formation and hydraulic stimulation is scheduled for next week, weather permitting. Operations have been hampered by either winter storms or thawed, muddy conditions which have made roads nearly impassable. Panther had previously indicated that they intended to move their rig to Montana to drill two wells and then return to the Banks acreage in late spring. Panther has altered this plan and has released the drilling rig after drilling one well in Montana. Panther expects to evaluate the performance of these first two wells and resume drilling operations when both well economics and weather conditions improve.
"We are pleased to report that Panther has backed off of their aggressive drilling program," commented Ray Singleton, President of Basic. "It made little sense to 'bang these wells out' in the current oil price environment and/or without knowing what production levels could be achieved. We look forward to seeing how these production levels hold up and having a better idea of return on investment before we return to drilling. On the other hand, we are pleased with the results so far and are excited to resume drilling operations once conditions improve. With our acreage exposure in the area, and with potentially productive horizons in the Madison, Bakken and now Three Forks, this project is shaping up to make a solid contribution to Basic's performance."
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. These forward-looking statements include statements regarding Basic's estimate of ownership interest, Panther's plans to stimulate wells or resume drilling operations and the potential impact of this project. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, but not limited to, changes in general economic conditions, oil commodity prices and drilling costs, Basic's liquidity needs, and other risk factors. 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, September 30 and December 31, 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.
Basic Earth Comments on FieldPoint's Withdrawal and Announces Plans to Resume Share Buy Back Program
Tuesday March 24, 2009, 8:30 am EDT
http://finance.yahoo.com/news/Basic-Earth-Comments-on-prnews-14726034.html
DENVER, March 24 /PRNewswire-FirstCall/ -- Basic Earth Science Systems, Inc. (Basic) (OTC Bulletin Board: BSIC - News) has noted that FieldPoint Petroleum Corporation (Amex: FPP - News) announced termination of its plans to offer FieldPoint shares for shares of Basic.
Ray Singleton, President of Basic, stated, "Basic's Board of Directors, specifically its independent directors, viewed the proposed exchange offer from FieldPoint as coercive and an inadequate offer to gain control of Basic and its assets. The Board adopted the Shareholder Rights Plan to assure that all of Basic's stockholders receive fair and equal treatment in the event of any proposed takeover."
Basic also announced its plans to resume the share buy back program it initiated in November 2008. Basic suspended its share buy back program in January following FieldPoint's announcement.
Founded in 1969, Basic is an oil and gas exploration and production company with primary operations in select areas of the Williston basin, the Denver-Julesburg basin in Colorado, the southern portions of Texas, and along the on-shore portions of the Gulf Coast. 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. These forward-looking statements include statements regarding Basic's plans to resume its share buy back program. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, but not limited to, changes in general economic conditions, oil commodity prices and drilling costs, Basic's liquidity needs, and other risk factors identified in the company's quarterly reports on Form 10-Q for the quarters ended June 30, September 30, and December 31, 2008, in addition to Annual Report on Form 10-K for the fiscal year ended March 31, 2008, filed with the Securities and Exchange Commission. There can be no assurance that future developments affecting the company will be those anticipated by management. The company disclaims any obligation to update or revise any of the forward-looking statements that are in this news release.
Fieldpoint stock soars after Basic Earth takeover falls through
Austin Business Journal
Monday, March 16, 2009, 2:16pm CDT
http://austin.bizjournals.com/austin/stories/2009/03/16/daily12.html?ana=yfcpc
Fieldpoint Petroleum Corp.'s shares climbed more than 17 percent on Monday after the company terminated its plan to acquire Basic Earth Science Systems Inc.
Austin-based Fieldpoint Petroleum (AMEX:FPP) said it decided not to offer its stock shares for shares of Denver-based Basic Earth Science (OTC: BSIC) after it completed an assessment of its alternatives. Fieldpoint conducted the assessment after Basic's board launched a takeover defense, or so-called "poison pill" to block the exchange.
Shares of Fieldpoint rose more than 17 percent to $1.65 on Monday. The stock has traded in the range of 84 cents to $8.54 in the last year.
“On Dec. 8, 2008, we met with members of Basic’s board, hoping that they could see the value in combining our two companies," said Ray Reaves, president of Fieldpoint. "We were disappointed that they chose to adopt a poison pill, which renders any exchange offer unviable."
Fieldpoint Petroleum is an oil and natural gas exploration, production and acquisition company that operates in five states.
Basic Earth Comments on Exchange Offer
Thursday January 15, 2009, 7:52 pm EST
http://finance.yahoo.com/news/Basic-Earth-Comments-on-prnews-14078360.html
Basic Earth Science Systems Inc., Fieldpoint Petroleum Corp.
DENVER, Jan. 15 /PRNewswire-FirstCall/ -- Basic Earth Science Systems, Inc. (Basic) (OTC Bulletin Board: BSIC - News) is aware that FieldPoint Petroleum Corporation (Amex: FPP - News) has announced that it will commence an exchange offer for a minimum of 51% and a maximum of 100% of the outstanding shares of the common stock of Basic Earth Science Systems, Inc. The exchange ratio that FieldPoint has disclosed is one share of FieldPoint common stock for every two (2) shares of Basic common stock. The possible exchange offer is subject to a number of conditions stated in FieldPoint's press release, which may or may not occur. Fieldpoint did not have any substantive communications with Basic Earth before issuing its press release. At this time, the Company has no further information about FieldPoint's intentions.
Related Quotes
Symbol Price Change
BSIC.OB 0.91 0.00
FPP 2.47 0.00
{"s" : "bsic.ob,fpp","k" : "c10,l10,p20,t10","o" : "","j" : ""} "We were completely surprised by this unsolicited development," commented Ray Singleton, President of Basic. "We are puzzled that FieldPoint elected to take this approach, rather than a more friendly course of action. We have contacted FieldPoint's management, however at this time, we are not able to comment further on the proposed exchange offer. Basic Earth's board of directors will address this matter in the immediate future."
Founded in 1969, Basic is an oil and gas exploration and production company with primary operations in select areas of the Williston basin, the Denver-Julesburg basin in Colorado, the southern portions of Texas, and along the on-shore portions of the Gulf Coast. 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-Q for the quarters ended June 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.
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We are an independent oil and gas exploration company focusing on the fundamentals of company growth and profitability in an effort to enhance shareholder wealth. Our company is comprised of seasoned industry professionals who have been associated with the company for a long time. We are survivors with a management track record in both good times and bad. We have an establishedproduction base that generates positive cash flow and profits.
Our focus on growth is aimed at discovering new sources of oil and natural gas reserves, acquiring strategically significant properties and boosting cash flows from existing oil and gas production. Our activities are intended to capitalize on our knowledge and presence in the North Dakota and Montana portions of the Williston basin, the Denver-Julesburg basin of Colorado, the southern portions of Texas, and along the on-shore portions of the Gulf Coast.
http://finance.yahoo.com/q/ks?s=BSIC.OB+Key+Statistics
http://www.earthstoneenergy.com/newsroom.php
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Company website is extremely loaded with information. Not bragging, but one of the best websites I have encountered. It does not leave much behind.
http://www.basicearth.net/index.html
LM-1 drilling rig
“Gas To Surface” During Drill Stem Test of Rival Formation
=========================================================
Halvorsen #21X-36
operated by Headington Oil, L.P.
Spud: 11/28/2005
Operator: Headington Oil
Location: Richland Co., Montana
23N-57E-36
field: Elm Coulee
26 percent net revenue interest
======================================================
Halvorsen #31X-1
operated by Headington Oil, L.P.
API# 25083222040000
Location: Richland Co., Montana
field: Elm Coulee
26 percent interest
======================================================
Johnson #3-21H well in Richland County, Montana
API#25083223020000
Operator: Nance Petroleum Corporation
(Nance Petroleum Corp, a subsidiary of St. Mary Land & Exploration Company.)
Field: Elm Coulee
12.5% working interest
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Table Top Unit #1 well at the Christmas Meadows Prospect,picture post.
http://www.investorshub.com/boards/read_msg.asp?message_id=18174700
Double Eagle Petroleum Co.,Christmas Meadows Prospect partner.
http://www.dble.us/html/xmas.htm
Antenna Federal Property in Colorado.
Weld County, Colorado
16 well program.
7 wells being tested, 1 being drilled, 8 more to drill.
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Another message board:
http://www1.investorvillage.com/smbd.asp?mb=4287&pt=m
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Alot more information to be added as time and interest allows me. Use the company website! It is very investor friendly for information.
Donate now! Support the Scleroderma Foundation
http://www.scleroderma.org/development/supportsf.shtm
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