DENVER--(BUSINESS WIRE)--BASIC EARTH SCIENCE SYSTEMS, INC. (OTCBB: BSIC - News) announced today that it has filed its definitive Proxy Statement, Schedule 14A, with the Securities and Exchange Commission for its Annual Meeting of Shareholders that will be held December 15, 2009, 9:30 a.m., at 1550 Seventeenth Street, Suite 500, Denver, Colo., 80202.

“This year’s proxy has a number of proposals, some of which are designed to improve the corporate governance structure at Basic Earth, and all of which are designed for the benefit of our shareholders,” said President Ray Singleton. “Within the nine proposals listed, the one that we are most excited about is proposal 6, which is a reverse stock split. Currently, we meet all the requirements to list on a national securities exchange except for the price of our stock. A reverse split would increase the share price to the point that Basic Earth would then satisfy this requirement. If we are able to move onto a national securities exchange, we anticipate that the trading of the common shares of our stock will be greatly enhanced.” He added, “Initially, we would hope to see a reduction in the bid/ask spread of the stock and an increase in the daily trading volume. Further, we would hope that the stock would be more appealing to a larger investor pool.”

Singleton continued, “We are also proposing a change in the name of the Company to Earthstone Energy, Inc. Originally organized as a geophysical service company, our name, Basic Earth Science Systems, Inc., is more appropriate for our former business. As the Company has evolved, this name does not represent our current business focus. With this proposed name change we retain 'earth,' yet announce that we are involved in the energy business. As we anticipate moving to a new exchange, we believe this new name will be essential to accurately reflect the nature of our business.”

“We know that this proxy is inordinately long, but the proposals we have submitted to shareholders should, if approved, bring the Company more in line with its peers and provide benefit for our shareholders. With this in mind, the Board of Directors is requesting that shareholders read the proposals carefully, and then vote 'for' all proposals,” Singleton concluded.

In addition to the proposed stock split and name change, Basic Earth is asking its shareholders to approve seven additional proposals. The proposals are outlined in the Company’s Proxy Statement that can be accessed on Basic Earth’s Web site, along with the Annual Report and Proxy Card. The Annual Report, Proxy Statement and Proxy Card are being mailed to all shareholders on or about November 9, 2009. If you would like additional sets of this information or the Company’s Annual Report on Form 10-K, please contact Investor Relations, 303-296-3076, ext. 110.

Basic Earth is an independent oil and gas exploration and production company with primary operations in the Williston Basin, the Denver-Julesburg Basin in Colorado, southern Texas and the Gulf Coast area. Basic Earth is traded on the Over The Counter Bulletin Board under the symbol BSIC. Information on Basic Earth can be found at its Web site: www.basicearth.net.

THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements also include comments regarding the ability to list on a national securities exchange, improvement of expected results from listing on a national securities exchange, merits of beneficiation for shareholders. Factors that could cause actual results to differ materially include price volatility of oil and gas, economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Basic Earth’s filings with the Securities and Exchange Commission, including within the “Risk Factors” contained in the Company’s Annual Report on Form 10-K filed for March 31, 2009. The Company disclaims any obligation to update forward-looking statements.

Basic Earth Science Systems, Inc.
Gina Wilson, 303-296-3076, ext. 110