Basic Earth Comments on FieldPoint's Withdrawal and Announces Plans to Resume Share...

Basic Earth Comments on FieldPoint's Withdrawal and Announces Plans to Resume
Share Buy Back Program

DENVER, March 24 /PRNewswire-FirstCall/ -- Basic Earth Science Systems, Inc.
(Basic) (OTC Bulletin Board: BSIC) has noted that FieldPoint Petroleum
Corporation (Amex: FPP) announced termination of its plans to offer FieldPoint
shares for shares of Basic.

Ray Singleton, President of Basic, stated, "Basic's Board of Directors,
specifically its independent directors, viewed the proposed exchange offer
from FieldPoint as coercive and an inadequate offer to gain control of Basic
and its assets. The Board adopted the Shareholder Rights Plan to assure that
all of Basic's stockholders receive fair and equal treatment in the event of
any proposed takeover."

Basic also announced its plans to resume the share buy back program it
initiated in November 2008. Basic suspended its share buy back program in
January following FieldPoint's announcement.

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 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. These forward-looking statements include
statements regarding Basic's plans to resume its share buy back program.
Actual results may differ materially from those included in the
forward-looking statements due to a number of factors, including, but not
limited to, changes in general economic conditions, oil commodity prices and
drilling costs, Basic's liquidity needs, and other risk factors identified in
the company's quarterly reports on Form 10-Q for the quarters ended June 30,
September 30, and December 31, 2008, in addition to Annual Report on Form 10-K
for the fiscal year ended March 31, 2008, filed with the Securities and
Exchange Commission. There can be no assurance that future developments
affecting the company will be those anticipated by management. The company
disclaims any obligation to update or revise any of the forward-looking
statements that are in this news release.

SOURCE Basic Earth Science Systems, Inc.

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