Basic Earth Acquires New Interest in Horizontal Bakken Well
Basic Earth Science Systems, Inc. reported that it recently acquired a 1.2469% working interest (0.9975% net revenue interest) in a Dunn County, horizontal Bakken well, the Paulson 14-9H. Currently drilling below 9,000 feet, the well, operated by Marathon Oil Company, was commenced on April 6th. Basic expects to spend approximately $80,000 on this effort.
"While small, this acquisition gives us immediate and compelling exposure to the Bakken play in North Dakota and, certainly, acquiring an interest in a Marathon-operated well was no small feat," commented Ray Singleton, President of Basic. "In addition, this achievement makes a nice addition to the Bakken acreage in our Banks prospect. With several companies now developing Bakken on the doorstep of our Banks prospect in eastern McKenzie County, the attractiveness of these nearly 13,000 gross acres (approximately 2,000 net) is becoming undeniable. With the continued success of these offset ventures, we would expect further developments on our Banks prospect by sometime this summer."
- Basic Earth Notes Second Quarter, Half Year Fiscal 2010 Results (Nov 13)
- Drilling Operations Concluded at North Dakota Bakken Well (Nov 10)
- Basic Earth Participates in Additional North Dakota Bakken Wells (Nov 03)