Breitling Energy Corporation (OTCBB: BECC) announces its third well
under the previously announced Farmout Agreement in the Permian Basin of
west Texas spud yesterday. The Sellers ‘66’ #1 is expected to be drilled
to a depth of approximately 8,600 vertical feet within 30 days under
normal field operations.
The Company anticipates intersecting similar pay zones as its other two
wells on the acreage, the #1 Hoppe ‘63’ and the Parramore #1, both of
which were drilled to a similar depth in 2014.
“While many producers are pulling back right now, we’re moving forward.
This is important acreage and we intend to develop it fully according to
plan. The economics work for us at $50 oil, so we’re still drilling,”
says Chris Faulkner, Breitling Energy Chairman and CEO.
The Company plans to drill a total of eight wells on its Permian Basin
lease to earnout the total acreage under the Farmout Agreement. Based on
the results of the initial eight wells, the Company may opt to drill out
the acreage using the most successful wells to guide its future drilling
ABOUT BREITLING ENERGY CORPORATION
Breitling Energy Corporation is a growing U.S. energy company based in
Dallas, Texas engaged in the exploration and development of
high-probability, lower risk onshore oil and gas properties. The
Company’s dual-focused growth strategy primarily relies on leveraging
management’s technical and operations expertise to grow through the
drill-bit, while also growing its base of non-operating working
interests and royalty interests. Breitling Energy's oil and gas
operations are focused primarily in the Permian Basin of Texas and the
Mississippi oil window of southern Kansas and Northern Oklahoma, with
non-operating investments in Texas, North Dakota, Oklahoma and
Mississippi. Breitling Energy Corporation is traded over the counter
under the ticker symbol: BECC. Additional information is available at www.breitlingenergy.com.
Copyright Business Wire 2015
Source: Business Wire
(March 10, 2015 - 9:00 AM EDT)
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