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BASIC EARTH SCIENCE SYSTEMS ANNOUNCES RESULTS

    ENGLEWOOD, Colo., Aug. 13 /PRNewswire/ -- Basic Earth Science Systems Inc. (Basic) (OTC: BSIC) reported a net income of $67,000, approximately four-tenths of one cent ($0.004) per share, on oil and gas sales revenue of $378,000 for the quarter ended June 30, 1993, it was announced today by Ray Singleton, president.  This compares to a net income of $5,000, less than one-tenth of one cent per share ($0.000), on revenue of $437,000 for the quarter ended June 30, 1992.  The decrease in sales revenue was primarily due to a fall in the average price per barrel received for oil and a drop in gas sales volumes.  This decline was more than offset, primarily by decreases in general and administration expense, along with lower oil and gas production expenses and depletion expense.  The significant reduction in general and administrative expenses was the result of management restructuring and resignations in the prior year.
    Basic noted that over the past six weeks further reductions in oil prices have occurred which will adversely affect at least the company's second quarter results (ending Sept. 30, 1993) when compared to the quarter just ended.
    Singleton stated, "This 13-fold increase in net income for the quarter just ended can be attributed to its newly replaced management team, its refocused corporate strategy, the repayment of its line of credit facility in the fiscal year just ended, and a significant reduction in general and administrative expenses."  Furthermore, he said, "Basic is now positioned to move forward toward its objectives of growth and enhanced shareholder value."
    Basic is an oil and gas exploration and production company with primary operations in south Texas and the Williston basin in North Dakota.  Basic is traded "over-the-counter" under the symbol BSIC.
                   BASIC EARTH SCIENCE SYSTEMS INC.
                         Financial Highlights
                                    Quarter Ended June 30,
                                    1993             1992
    Revenue                       $378,000         $437,000
    Net income (loss)               67,000            5,000
    Earnings per share               (.004)           (.000)
    Weighted average number of
     shares outstanding         16,849,533       16,566,832
    -0-             08/13/93
    CONTACT:  Ray Singleton of Basic Earth Science Systems, 303-792-5230
    (BSIC) CO:  BASIC EARTH SCIENCE SYSTEMS INC. IN:  OIL SU:  ERN ST:  CO


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Publication:PR Newswire
Date:Aug 13, 1993
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