Earthstone Energy (formerly Basic Earth Science Systems) Named Among 'Top 20 Fastest Growing' Companies by Oil & Gas Financial Journal

DENVER, March 24 /PRNewswire-FirstCall/ -- Earthstone Energy Inc., formerly known as Basic Earth Science Systems, Inc. (Earthstone Energy or the Company) (OTC Bulletin Board: BSIC), reported today that the February 10, 2010 issue of the Oil & Gas Financial Journal (OGFJ) named the Company among the Top 20 Fastest Growing Companies for the third calendar quarter of 2009 (the most recent data) based on percentage growth in stockholder equity.  The OGFJ ranks U.S. based, publicly traded oil and gas producers quarterly in its "OGFJ150" article.  Although primarily ranked in terms of assets, companies are additionally ranked on eleven other benchmarks including the fastest growing category. While the Company was ranked 112th in terms of assets, it was 68th in terms of net income and ranked 14th among the 20 Fastest Growing Companies.

Ray Singleton, President of the Company, stated, "While other small oil and gas companies are reporting losses, we remain profitable.  We believe that the most impressive aspect of our ranking is the performance of our oil and gas properties, which are ranked 112th yet generate sufficient income to catapult us into 68th place in terms of net income, out-performing forty-four other companies that have larger asset bases.  We are excited about our future, including opportunities in both the Williston basin and the Texas Gulf Coast."

The Company also reported that on February 26, 2010, the Company filed an Amended and Restated Certificate of Incorporation with the Delaware Secretary of State to change its name to Earthstone Energy, Inc. and to effectuate the other amendments to the Company's certificate of incorporation approved by the Company's stockholders at the Company's annual meeting of stockholders.  The Company is currently traded under the symbol BSIC on the Over The Counter Bulletin Board, pending receipt of a new trading symbol.  

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.  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 include statements regarding the Company's past and future operations and future opportunities.  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 Earthstone Energy'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.

SOURCE Earthstone Energy, Inc., formerly Basic Earth Science Systems, Inc.