Basic Earth, XTO Turn on Taps at Horizontal Bakken Well
Basic Earth reported, along with its partner XTO Energy Inc., that its new horizontal Bakken well in Richland County, Montana, the Halvorsen-State 31X-36, is now producing. During June 2009, the second full month of production, the well produced approximately 7,649 barrels of oil and 534 barrels of water or an average of 255 and 20 barrels per day, respectively. Compared to its initial production, this is an indication the well has started to stabilize and that stimulation fluid has been fully recovered. During the last six days of April, while the well was still recovering stimulation fluid, it produced 167 barrels of oil and 450 barrels of water or an average of 28 and 75 barrels per day, respectively. Basic has an approximate twenty-six percent working interest in the well, which is operated by XTO Energy Inc.
Ray Singleton, President, said, "We are pleased with the results that appear to indicate success with our newest horizontal Bakken well. With oil prices rising from lows in December 2008, we are putting plans in place that are expected to show positive results for Basic Earth's future growth. With our previously announced efforts on the Banks prospect in North Dakota plus a number of new projects we are evaluating, we are hoping to exceed the production levels and profitability we achieved in fiscal year 2009."
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