Basic Earth Science Systems reported that Panther Energy Company, LLC. is drilling ahead at approximately 12,500 feet (11,100 feet vertical depth) on its first well in the Company's Banks Prospect in eastern McKenzie County, North Dakota.
As previously disclosed, this is the first of at least two wells that Panther is expected to drill on Basic's acreage. Basic has a 6.5% (32.5% of 20%) 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.
At this point, the Company has no working interest in the well and therefore no cost exposure. As previously disclosed, until Panther finishes these first two wells, Panther's continued involvement, and/or our timing to participate in subsequent wells, remains undetermined.
"We are pleased to report that Panther has finally "turned the corner" and is drilling horizontally," commented Ray Singleton, President of Basic. "Furthermore, we are seeing some very interesting and encouraging rocks; very different from what we encountered nearly three years ago when we drilled the first horizontal Bakken well in this area. With no further difficulties, and if the drilling rig is moved off of the location immediately after drilling, we could be seeing production figures by early January."
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