Breitling Oil and Gas Announces Completion Operations of Spud of Breitling-Magnolia #2
IRVING, TX (March 29, 2011) –
Breitling Oil and Gas Corporation has spud the Breitling-Magnolia #2, the second of two wells in its Breitling-Magnolia prospect in Pottawatomie County, Oklahoma.
The first well, the Magnolia #1, encountered multiple potential pay zones on its way down to its 4,500 feet. The primary objectives of the Magnolia #2 are the Wilcox Sand at 4500′, the Simpson Sands at 4400′ and the Hunton at 4175′. A secondary objective includes the Earlsboro Sand at 3625′.
The proposed Magnolia #2 well is located within a 240-acre closure mapped at the Simpson and Wilcox Sands and the Hunton Sand at above an estimated total vertical depth of 4,500 feet.
“If this Magnolia #2 trends like the Magnolia #1 we will have another great well here,” said Joe Simo, Chief Geologist for Breitling Oil and Gas.
Management anticipates the well will reach total depth in about 7 days. Well completion and testing on the Magnolia #2 well should begin during the first week of April 2011.
Breitling Oil and Gas CEO Chris Faulkner stated, “Most of the geology on Magnolia #2 mimics what we anticipated and now have confirmed after drilling and logging the Magnolia #1.” Faulkner added, “Based on the very positive logs on the Magnolia #1 we expect Magnolia #2 to be a producer as 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.