Basic Earth Reports Additional Production Rates
Basic Earth Science Systems, Inc. reported initial potentials on two more wells on its Antenna Federal property in Colorado's DJ Basin. In the northwest production facility, in addition to Basic's net revenue interest (NRI) and future J Sand production potential, the initial production rate for these two new wells 24 bbl/d and 582 Mcf/d (USA 4-36); and 120 bbl/d and 490 Mcf/d (USA 22-36).
As previously disclosed, these wells are part of a sixteen well development drilling program in the heart of Colorado's Wattenberg gas field. Basic expects to have a 2% to 52.5% revenue interest in Codell/Niobrara production and a 13.125% to 52.5% revenue interest in J-Sand production (depending on actual well location). However, initially, all new wells will produce from the Codell/Niobrara formation alone. The Company expects to spend a total of $2 million for its share of the cost of drilling and completing these wells. Kerr-McGee Oil & Gas Onshore, LP will be the Operator of the project.
"We continue to be excited as we announce these new production rates," commented Ray Singleton, president of Basic. "Our northeast production facility and its eight wells are now on-line and we should be reporting initial production rates from its new wells within a few weeks. Repeating our previous statement, to this point, there have been no real surprises; there have been no dry holes, all geologic sections were present, no completion problems were encountered and, as anticipated, production rates are varied, yet still within the parameters of our initial expectations. So far, operationally, this has been a very successful venture."
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