I don't know why people look at BSIC as the biggest risk..why is that compared to let's say FPPC this one does not promote is really doing something about increasing value for there shareholders by drilling multiple wells...some of them had big success like Lynn #1, Lynn #2, Turf Grass #1 well & the last one Halverson...I used to be negative for BSIC but I review my statements since they increased there production big time..last but not least this one has good qtr results also..and a $ 1.5 shareprice is a free gift in my books ..if we compare ASPN, BSIC & FPPC there's only one which had a decline in there production last year...and the name is FPPC don't know but management promoted the stock big time last year...I was a believer in the management ..but they didn't do anything on there production...upgrade...which went down if we read the last Qtr report...Well from yesterday will probably put them on a flat production quote compared with last year....Look I know some people can love me last week but hate me in the next week...why because I suddenly become negative on a stock is that so hard...most of the time I'm on the right side of the track when I say something negative about a company...
BSIC's future:
1. The Company anticipates participation in other horizontal Bakken wells like the Halvorsen well interest in such ventures could range from a 6.25 percent to 25.0 percent working interest in each well.
2. The Company also envisions further development on its Antenna Federal property in Weld County, Colorado. Basic has received proposals from its joint venture partner to deepen three additional Codell formation wells to the J-Sand formation. The Company originally anticipated having completed this effort by the quarter ending December 31, 2004. These efforts have been delayed by federal permitting approvals and a corporate merger involving the operator of the property. Basic has been assured that one of the wells will be drilled in the quarter ending March 31, 2005 and the remaining two in the subsequent quarter. Basic currently has a 5 percent overriding royalty interest in these Codell wells and will earn a 60 percent working interest in the J-Sand once the wells are deepened to that formation. The Company estimates the total cost to deepen all three wells to be approximately $380,000.
3.
Basic had received proposals to drill two additional horizontal wells in the TR-Madison Unit in Billings County, North Dakota. The TR-Madison Unit, previously operated by Westport Oil and Gas Company, L.P., is now operated by Kerr-McGee Rocky Mountain Corporation. The Company recently learned that these wells have been delayed until the spring of 2005 following the merger of Westport and Kerr-McGee. Basic has a 1.075 percent working interest in the entire TR-Madison Unit and has budgeted $30,000 for these two wells.
4.
Basic anticipates drilling a second test on its Heart River Prospect in Stark County, North Dakota during the summer or fall of 2005. This project is expected to test the Cambrian Winnipeg formation at approximately 11,500 feet. The Company expects to incur $150,000 in drilling costs on this second test well.
5. We can expect drilling Lynn #3 soon..
Than we have ASPN exploration vs FPPC
ASPN vs FPPC:
FPPC Oil production decreased by 3%, there gas production decreased by 11% in 2004
ASPN
Gas production for the six months ended December 31, 2004 was 1,670 MCF per day, an increase of 102% versus the same period in fiscal 2004. Net daily gas production is currently approximately 2,000 MCF per day.
I'm not negative on FPPC but my top 3 in the microcap patch is:
1. ASPN
2. BSIC
3. FPPC
good luck all
RR
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