Breitling Energy Corporation (OTCBB: BECC) (the “Company”) announces the
completion phase on the Hankamer #1 in Newton County, Texas, operated by
Seely Oil. At least two Yegua sections will be perforated and tested.
Log analysis and sidewall cores indicate the presence of oil and natural
gas in sands that display good porosity and permeability.
The Hankamer #1 well, in which the Company is participating, is located
within the established Norian Yegua field. A well east of the Hankamer
site produced an estimated 143,000 barrels of oil and approximately 100
million cubic feet of natural gas since early 2007 and is currently
yielding approximately 30 barrels of oil per day. Less than a mile to
the west, another yielded an estimated 505,000 barrels of oil and
approximately 613 million cubic feet of gas during the same period, with
current consistent projections of about 70 barrels of oil per day. Seely
anticipates comparable production from the Hankamer #1.*
“This extends our reach into this area of southeast Texas where the
economics make sense in most market conditions. We are confident
participating in our second prospect here in less than 90 days and
continue to add revenue through the drill bit in a way that makes viable
sense for our shareholders,” said Chris Faulkner, Chairman and CEO of
Breitling Energy.
The completion process is expected to be finished by early March, 2015.
*Well production data provided by drillinginfo.com
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
(February 19, 2015 - 9:52 AM EST)
News by QuoteMedia
www.quotemedia.com