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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 19, 1995
Commission File Number: 0-7914
BASIC EARTH SCIENCE SYSTEMS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 84-0592823
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(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification Number)
633 Seventeenth Street, Suite 1670
Denver, Colorado 80202
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(Address of principal executive offices) (Zip code)
(303) 294-9525
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(Registrant telephone including area code)
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or such shorter period the Registrant was required to
file such reports), and (2) has been subject to such filing requirements for the
past 90 days.
Yes X No
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Indicate the number of shares outstanding of Registrant's common stock, as of
the latest practical date:
Common stock: 16,307,013
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INFORMATION INCLUDED IN REPORT
Item 5. Other Events
The Company previously disclosed, in its most recent Form 10-KSB, its intent to
hedge its oil price risk in the near future. Consequently, on June 19, 1995,
the Company entered into a hedging transaction whereby the Company executed
twenty-two (22) put option contracts at a cost of approximately $9,000. The
intent of this transaction was to create a $17.00 per barrel floor price for
approximately 75% of the Company's anticipated oil production from key
properties through October 1995. By utilizing this type of instrument, the
Company would participate in 100% of any upside price movement. The Company did
not hedge any of its gas production.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
By (Signature) /s/ Ray Singleton
(Name and title) Ray Singleton, President
(Date) August 11, 1995
