Basic Earth Science Systems reported that the Roscoe 2H-8 well, a horizontal well located in the Banks Prospect in eastern McKenzie County, ND, came online in early May 2009. The well tested at a rate of 543 barrels of oil, 1,185 thousand cubic feet of gas and 122 barrels of water per day. Drilled in the Bakken formation, the well is currently flowing at a rate of 300 barrels of oil per day. Basic Earth's partner, Panther Energy Company, LLC, Tulsa, OK, drilled the well and is the operator, with Basic Earth retaining a 6.5% interest in Panther's interest in the well.
Commenting on the initial well production, President Ray Singleton said, "We are pleased with the successful completion of this well in the Bakken formation and are hopeful that an improvement in the price of oil will allow for addition drilling in this area."
The Roscoe well, along with the Wil E. Coyote well previously drilled by Panther, is located on the 13,000 gross acres Banks Prospect which is overlying the Bakken formation. In August 2008, Basic Earth signed an agreement with Panther, the terms of which give Panther the rights to Basic Earth's 20% interest in the Banks Prospect, a 20-partner consortium. Under the terms of the agreement, Panther was required to drill two horizontal wells in the Bakken formation and carry Basic Earth for its cost exposure in the first two wells. Basic Earth will now be required to pay its proportional share of costs for future wells drilled.
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