Quoting Stephen H. Hollis, CEO of Double Eagle, "This prospect has been on hold since 1982 due to regulatory hurdles, because it is near the High Uinta Mountain Wilderness Area. First Amoco, then Chevron and now Double Eagle fought to be able to drill this well. Finally, we have a rig drilling this wildcat well."
"With a rig on location and drilling operations underway, we applaud Double Eagle's tenacity following their 12 year effort to see this project commenced," added Ray Singleton, President of Basic. "Steve Hollis had a smile that was a mile wide Saturday as the huge rig started 'turning to the right.' Our job now is to apply our engineering and operational skill to test this long coveted prospect as expeditiously as possible. It goes without saying, we have high hopes for this venture. With the upside exposure this entire project brings to Basic, the next few months should be exciting; a real swing for the fences opportunity."
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.
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