The well is still drilling in the Paleozoic rocks of the Hogsback Thrust Plate and expects to enter the Green River Plate at approximately 11,000 feet within the next ten days to two weeks. Once through this next thrust plane, plans are to run logs and a velocity survey and then set another string of intermediate casing. Based on the experience gained to date with penetration rates and bit life, management believes this well may not reach its planned depth until mid-February 2007 and that the cost of this venture may increase to approximately $16,600,000. Basic has a 2 percent working interest in the well.
"Well, 'Christmas' will have to wait until Valentine's Day," commented Ray Singleton, President of Basic. "Our 'present' to date has been that the well has been relatively trouble-free. We had hoped that advancements in bit technology would have improved performance over what our predecessors experienced. This has not been the case and the well is clearly taking nearly as long as those drilled decades ago in this area. With no indications of hydrocarbon to this point, we now await entry into the Green River section and hopefully to 'a box of chocolates' for Valentine's Day. Again, we are pleased with our progress so far and have high hopes for this venture. With the upside exposure this 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.
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