Basic Earth Announces Farmout of Bakken Acreage

DENVER, Aug. 5 /PRNewswire-FirstCall/ -- Basic Earth Science Systems, Inc.
(Basic) (OTC Bulletin Board: BSIC) reported that it recently "farmed out" its
20% interest in the Banks Prospect; a 13,000 gross acre horizontal Bakken play
in McKenzie County, North Dakota, to Panther Energy Company, LLC, (Panther),
an unrelated third party. Under the terms of the agreement, Panther, a
private company located in Tulsa, Oklahoma, will drill two horizontal Bakken
wells in which they will "carry" Basic for 32.5% of its original 20% interest
(6.5%). In exchange, Panther will earn 67.5% of Basic's undrilled acreage in
the Banks area. Following the first two wells, Basic may participate in
additional wells for up to 6.5%, depending on the exact spacing unit and
acreage contribution within that spacing unit. Based on assurances received
from Panther, Basic expects drilling operations to commence within 60 to 90
days.
"We are extremely happy to announce this agreement and anticipate a
concerted effort by Panther Energy to rapidly commence drilling operations,"
commented Ray Singleton, President of Basic. "Panther faced a daunting task
of corralling the now 20 partners in this project into an all-encompassing
agreement that paves the way for operations to commence. Given the geologic
risk and the technological hurdles, we are pleased that Panther will drill the
first two wells before Basic has any monetary exposure. Panther will
essentially be paying their way up the learning curve on their own dime."
Founded in 1969, Basic is an oil and gas exploration and production
company with primary operations in select areas of the Williston basin, the
Denver-Julesburg basin in Colorado, the southern portions of Texas, and along
the on-shore portions of the Gulf Coast. Basic is traded on the "over-the-
counter - bulletin board" under the symbol BSIC. Basic's web site is at
http://www.basicearth.net where additional information about the Company can
be accessed.
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 or phrases. 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 Annual Report on Form 10-KSB for the fiscal
year ended March 31, 2007, for meaningful cautionary language disclosing why
actual results may vary materially from those anticipated by management.
SOURCE Basic Earth Science Systems, Inc.

Ray Singleton of Basic Earth Science Systems, Inc., +1-303-296-3076