8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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): March 14, 2006

Commission File Number: 0-7914

BASIC EARTH SCIENCE SYSTEMS, INC.

(Exact name of registrant as specified in its charter)

Delaware	84-0592823
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification Number)
1801 Broadway, Suite 620
Denver, Colorado	80202-3835
(Address of principal executive offices)	(Zip Code)

(303) 296-3076

(Registrant telephone including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provision:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events and Regulation FD Disclosure

On March 14, 2006 Basic Earth Science Systems, Inc. (Basic, or the Company) issued the News Release attached as Exhibit 99.1 reporting on the Company’s response to inquires concerning rumors of elevated oil price differentials primarily in North Dakota and Montana and preliminary estimates of the effect of such differentials on Basic’s sales for the remainder of its fiscal year ending March 31, 2006.

Item 9.01. Exhibits

     (C) Exhibits.

Exhibit No.	Description
99.1	Press Release dated March 14, 2006

SIGNATURE

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, hereunto duly authorized.

	BASIC EARTH SCIENCE SYSTEMS, INC.
Date: March 14, 2006	By:	/s/ Ray Singleton
	Ray Singleton, President

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated March 14, 2006

EX-99.1

Exhibit 99.1

NEWS RELEASE

Basic Earth Comments on Northern Rockies Oil Prices

Denver, Colorado, March 14, 2006 — Basic Earth Science Systems, Inc. (Basic) (OTC:BB BSIC) responded today to inquires concerning rumors of elevated oil price differentials relative to West Texas Intermediate benchmark crude oil prices. Basic cited several newspaper articles from both North Dakota and Montana in which price cuts of up to $30 per barrel were reported. The Company notes that so far it appears that such price differentials have developed primarily in Wyoming, but include Williston “sour” barrels, in addition to “sweet” barrels of lower quality. In the southern portion of the Williston basin where barrels are destined for, and compete with, Wyoming barrels, differentials of $23 have been seen by Basic for February. In the northern portion of the Williston basin, for February, Basic has seen differentials widen to $6 to $7 per barrel from an average of $3 per barrel. Again for February, the Company has only five wells that have been exposed to high differentials ($23) and these properties are either low volume wells or wells in which Basic has much less than 100% working interest. Preliminary indications are that in March, differentials in the southern portion of the Williston basin may widen an additional $5 per barrel. While March differentials in the northern portion of the Williston basin may widen a similar amount, Basic has not received indications that this will in fact occur.

“Certainly we are closely watching this situation as it develops,” commented Ray Singleton, President of Basic. “To date the Company has not been materially impacted by these price differentials. Indeed, in February only 225 barrels were exposed to $23 differentials out of the nearly 2,500 barrels it operates in the area.”

Basic is an oil and gas exploration and production company with primary operations in select areas of the Williston basin (in North Dakota and Montana), the Denver-Julesburg basin in Colorado, the southern portions of Texas, and along the Gulf Coast. Basic is traded on the “over-the-counter — bulletin board” under the symbol BSIC.OB.

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. Readers are encouraged to read the SEC reports of Basic, particularly the Company’s Quarterly Reports on Form 10-QSB for the quarters ending June 30, 2005, September 30, 2005 and December 31, 2005 in addition to the Company’s Annual Report on Form 10-KSB for the fiscal year ended March 31, 2005, for meaningful cautionary language disclosing why actual results may vary materially from those anticipated by management.