Breitling Energy Corporation (OTCBB: BECC) (the “Company”) announced
that on March 10, 2015, the Company completed an acquisition of certain
non-operated working interests in the Hunton play of northwestern
Oklahoma. This extends the Company’s plan to acquire strategic assets
during this lower price environment. “While everyone in the upstream
industry is feeling the affects of today’s low prices, it also presents
a great opportunity, and we’re adding properties one step at a time.
When you are able to be a buyer in this market and acquire good assets,
that strategy should pay off in the long-term,” said Chris Faulkner,
Breitling Energy’s Chairman and CEO.
This phase of the acquisition includes current production from five
wells plus proportional interest in the units held by those wells
totaling approximately 3,200 acres. With this initial phase, the Company
also has the obligation to purchase additional working interest in the
same wells upon completion of certain conditions related to the
transaction. The wells, primarily yielding oil and high BTU natural gas,
are producing from the Hunton formation with multiple zones behind the
pipe, including the prolific Woodford shale and Mississippian limestone
formation.
“We are proceeding methodically, but when assets that meet our long-term
criteria become available, we are also ready to move. I’ve been
impressed with the deal flow coming across my desk, and our team has
been working diligently to analyze each prospect to see if it fits our
strategy. Many do not, but this one definitely did. We’re excited to be
expanding in this key part of Oklahoma. It still has a lot of good
potential,” Faulkner added.
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 http://www.breitlingenergy.com.
Copyright Business Wire 2015
Source: Business Wire
(March 17, 2015 - 11:50 AM EDT)
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