DENVER, Dec. 30, 2010 /PRNewswire-FirstCall/ --
Earthstone Energy, Inc., formerly Basic Earth Science Systems, Inc.
(Earthstone, Basic or the Company) (OTC Bulletin Board: BSIC),
reported that late yesterday, FINRA approved the Company's
previously announced reverse stock split. The reverse split
will take effect at the open of business January 3, 2011. As such, the last
pre-split trading day will be tomorrow, December 31, 2010. The new symbol on
January 3rd will be BSICD. The
"D" will be appended to the Company's trading symbol for 20
business days including the effective date.
"We are pleased that FINRA was able to process this request so
quickly given the impact of the holidays," commented Ray Singleton, President of Earthstone Energy,
Inc. "We are nearing our goal to become listed on a national
stock exchange and this step was one of the final remaining
hurdles. In the coming weeks, we intend to issue updates as
we complete the remaining prerequisites to achieve this
objective."
Earthstone Energy, Inc. 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.
Earthstone Energy is traded on the Over The Counter Bulletin
Board under the symbol BSIC. Information on Earthstone Energy
can be found at its web site: www.earthstoneenergy.com.
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 future success of efforts to become
listed on a national stock exchange. Circumstances that could
cause actual results to differ materially include a number of
factors that could occur prior to or during the listing approval
process including; a reduction in the price or trading volume of
the Company's stock, economic and political events, a change in
exchange listing requirements or qualifications and a change in
government regulations. The Company disclaims any obligation to
update forward-looking statements.
SOURCE Earthstone Energy, Inc.