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(PR NEWSWIRE) Basic Earth Reports 2nd Quarter Results; Fifth Profitable Quart
Basic Earth Reports 2nd Quarter Results; Fifth Profitable Quarter in a Row
DENVER, Nov. 15 /PRNewswire/ -- Basic Earth Science Systems, Inc. (Basic)
(OTC Bulletin Board: BSIC) reported net income of $204,000, a little over one
cent ($0.012) per share, on oil and gas sales revenue of $759,000 for the
quarter ended September 30, 2000 (2000). This compares to net income of
$159,000, approximately one cent ($0.010) per share, on oil and gas sales
revenue of $503,000 for the quarter ended September 30, 1999 (1999). The
$256,000 (51%) increase in sales revenue was primarily due to strengthening
oil prices relative to 1999.
Commenting on this disclosure, Ray Singleton, President of Basic, said,
"We are pleased to report that this is the fifth quarter in a row that the
Company has generated a profit. Certainly, with oil prices remaining at these
lofty levels, the Company continues to post strong revenue and income gains.
In the long term, the Company is exploring strategic opportunities with the
hopes of turning these price-enhanced results into long-term viability for the
Company. While we focus on these new opportunities, we do not intend to
neglect our responsibility to increase production and control costs."
Information herein contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, which can be
identified by words such as "should," "may," "will," "anticipate," "estimate,"
"intend," or "continue," or comparable words. In addition, all statements
other than statements of historical facts that address activities that Basic
intends, expects or anticipates will or may occur in the future are
forward-looking statements. Readers are encouraged to read the SEC reports of
Basic, particularly the Company's Quarterly Report on Form 10-QSB for the
quarter ended June 30, 2000 and its Annual Report on Form 10-KSB for the
Fiscal Year Ended March 31, 2000, for meaningful cautionary language
disclosing why actual results may vary materially from those anticipated by
management.
Basic is an oil and gas exploration and production company with primary
operations in south Texas and the Williston basin in North Dakota and Montana.
Basic is traded "over-the-counter" under the symbol BSIC.
Financial Highlights
Six Months Ended Quarter Ended
September 30 September 30
2000 1999 2000 1999
Total Revenue $1,400,000 913,000 765,000 $519,000
Net income 313,000 157,000 204,000 159,000
Earnings per share .019 .010 .012 .010
Undiluted weighted
average number of
shares outstanding 16,530,487 16,530,487 16,530,487 16,530,487
SOURCE Basic Earth Science Systems, Inc.
-0- 11/15/2000
/CONTACT: Ray Singleton of Basic Earth Science Systems, Inc.,
303-773-8000/
(BSIC)
CO: Basic Earth Science Systems, Inc.
ST: Colorado
IN: OIL
SU: ERN
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