Basic Earth is an independent oil and gas exploration company aimed at discovering new sources of oil and natural gas reserves, acquiring strategically significant properties and boosting cash flows from existing oil and gas production. The company’s primary operation is focused on selected areas of North Dakota and Montana portions of the Williston basin, the Denver-Julesburg basin of Colorado, the southern portions of Texas, and along the on-shore portions of the Gulf Coast.
The company is comprised of seasoned industry professionals who have been associated with the company for a long time including President and CEO Ray Singleton who joined the company in 1988 and Chief Financial Officer David Flake who joined the company in 1980.
While Basic Earth is a small independent company, they have been noticed by others in the industry as a fast growing company. In 2007 the company was recognized by Oil and Gas Journal which annually ranks U.S. based, publicly-traded oil and gas producers as one of the Top 20 Fastest Growing companies for 2006 based on percentage growth in stockholder equity. Basic Energy was also ranked 124th in terms of assets, 15th fastest growing, up from 18th last year and 82nd in net income, up from 88th last year.
Since 2002, the company has enjoyed unprecedented growth and profitabilityb and continues to add to that success by reporting another profitable quarter. In the past few days Basic Earth has reported that oil and gas revenue is up 32% and net income has also shown a 102% increase due primarily to an increase in commodity prices relative to 2006.
President and CEO Ray Singleton was pleased with the announcement and commented, “Over the last three quarters our cash flow from operations has continued to increase, allowing us to easily fund our current efforts internally. With growing cash reserves, we are evaluating larger and more aggressive opportunities. The Company continues to pursue projects in the Williston basin and along the Gulf Coast and other areas that hopefully will enhance the Company’s growth and profitability.”
In the future Basic Earth will continue to focus on the fundamentals of company’s growth and profitability in an effort to enhance shareholder wealth.
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