Basic Earth Science Systems, Inc. announced that Panther Energy has completed drilling operations on its first well in the Company's Banks Prospect in eastern McKenzie County, North Dakota.
The well, the Wil E Coyote #9-2H, reached total depth at 15,978 (11,193 feet true vertical depth). Panther has indicated that they will move the drilling rig directly to their second location on this prospect and commence drilling, rather than wait for the production results from this well.
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 finished drilling their first well," commented Ray Singleton, President of Basic. "We look forward to seeing the results of the completion and hope to see production figures on this well by early January. We along with our other partners wish Panther success in drilling their second well."
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