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BASIN INDUSTRIES ANNOUNCES TESTS OF THE FIRST TWO WELLS IN ITS PREVIOUSLY ANNOUNCED PELAHATCHIE FIELD PROJECT

 BASIN INDUSTRIES ANNOUNCES TESTS OF THE FIRST TWO WELLS IN ITS
 PREVIOUSLY ANNOUNCED PELAHATCHIE FIELD PROJECT
 GULFPORT, Miss., March 24 /PRNewswire/ -- Basin Industries, Inc. (NASDAQ: BINI) announced today tests of the first two wells in its previously announced Pelahatchie Field project.
 The Pan-Southern Rhodes No. 1 well tested 360 barrels of oil per day in the Rhodes Zone from perforations at 10,238 to 10,244 feet. The well was put on production on March 21, 1992, at an initial rate of 100 barrels of oil per day.
 The reentry of the Shell/W. E. Rhodes No. 1 well tested 190 barrels of oil per day in the Paluxy formation at 9,350 to 9,354 feet. This will be on production March 25, 1992.
 Outside the Pelahatchie field the Rosenbaum 10-5 well No. 1 which was recently acquired by Basin is producing 15 barrels of oil per day through perforations at 7,164 to 7,172 feet.
 Basin entered into an agreement with Resource Investment Organization, Limited, to earn a 75 percent working interest in the Pelahatchie Field, which is located in Rankin County, Miss., by spending approximately $6 million on the rework of five wells and drilling of two 17,500 feet Norphlet tests by midyear 1993. Work on the first recompletion commenced on Jan. 6, 1992.
 -0- 3/24/92
 /CONTACT: Norris Harris of Basin Industries, Inc., 601-864-8080, or Michelle Sotnikow of Howard Bronson & Company, Inc., 212-867-6160, for Basin/
 (BINI) CO: Basin Industries, Inc. ST: Mississippi IN: OIL SU:


KD-KW -- NY033 -- 1079 03/24/92 12:40 EST
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Date:Mar 24, 1992
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