Breitling Oil and Gas Announces Spud of Breitling-Helm #1
IRVING, TX (December 16, 2010) –
Breitling Oil and Gas Corporation, an independent exploration and production company based in Irving, Texas, announced today that it has spud the Breitling-Helm #1 in Bee County, Texas.
The proposed well is located within a 210 acre anticlinal closure mapped at the Pettus, Hockley and Yegua sands above an estimated total vertical depth of 3,800 feet. “The Breitling Helm #1 is in the heart of the rich Pettus oil trend in Bee County and based on good surrounding logs we feel the anticlinal closure exists within our acreage position,” said Joe Simo, Chief Geologist for Breitling Oil and Gas.
Management anticipates the well will reach total depth in about 5 days. Well completion and testing should begin during the last week of December.
Breitling Oil and Gas CEO Chris Faulkner stated, “Using modern-day technology and from re-interpreting scout tickets and the sample log descriptions we feel we have a paleohigh east of known good producers in the field.” Faulkner added, “Just 10 feet of the Pettus oil sand on our acreage could produce north of 700,000 barrels of oil over the life of this well.”
An additional 4 wells can be drilled if commercial production is found in the initial test well.
For more information on this and other activities of the Company, see the Breitling Oil and Gas web site at http://www.breitlingoilandgas.com.
Breitling has current oil and gas exploration projects all over the United States.
—About Breitling Oil and Gas Corporation–
Breitling Oil and Gas was founded in October 2004 to apply state-of-the-art petroleum and natural gas exploration and extraction technology to the development of onshore oil and natural gas projects. Our focus areas include Texas, Oklahoma and Louisiana. Breitling offers oil and gas investment opportunities through direct participation programs and oil and gas investment joint ventures which enable investors to participate in the potential cash flow and unique tax benefits associated with oil and gas investments. Especially important in a downturned economy, oil and gas investments allow savvy investors to diversify and reinforce their investment portfolios with a stable commodity that is in steady demand.