yeah... it run but the default OSC speed is set to 32KHz 
just add those
Code:
OSCCON= %01100000 ' configure internal OSC @ 4MHZ
While OSCCON.2=0 : wend ' wait until OSC is stable
at the top of your code.
For the configuration bits, it's usual and recommended to set them in your code, have a look at the following...
http://www.picbasic.co.uk/forum/showthread.php?t=543
and here's a short example for a 18F2431, as inspiration source 
Code:
'
' Pic Configuration
' =================
ASM
__CONFIG _CONFIG1H, _OSC_IRCIO_1H & _FCMEN_OFF_1H & _IESO_OFF_1H
__CONFIG _CONFIG2L, _PWRTEN_ON_2L & _BOREN_ON_2L & _BORV_45_2L
__CONFIG _CONFIG2H, _WDTEN_OFF_2H & _WINEN_OFF_2H
__CONFIG _CONFIG3L, _T1OSCMX_OFF_3L & _HPOL_LOW_3L & _LPOL_HIGH_3L & _PWMPIN_OFF_3L
__CONFIG _CONFIG3H, _MCLRE_ON_3H
__CONFIG _CONFIG4L, _LVP_OFF_4L & _DEBUG_OFF_4L
ENDASM
DEFINE OSC 4
Now if you want to switch to the external OSC, use...
Code:
ASM
__CONFIG _CONFIG1H, _OSC_HS_1H & _FCMEN_OFF_1H & _IESO_OFF_1H
__CONFIG _CONFIG2L, _PWRTEN_ON_2L & _BOREN_ON_2L & _BORV_45_2L
__CONFIG _CONFIG2H, _WDTEN_OFF_2H & _WINEN_OFF_2H
__CONFIG _CONFIG3L, _T1OSCMX_OFF_3L & _HPOL_LOW_3L & _LPOL_HIGH_3L & _PWMPIN_OFF_3L
__CONFIG _CONFIG3H, _MCLRE_ON_3H
__CONFIG _CONFIG4L, _LVP_OFF_4L & _DEBUG_OFF_4L
ENDASM
DEFINE OSC 8
and remove the OSCCON & WHILE : WEND lines
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