Breitling Oil and Gas Announces Spud of Breitling-Union #1
IRVING, TX (December 27, 2010) –
Breitling Oil and Gas Corporation, an independent exploration and production company based in Irving, Texas, announced today that it has spud the Breitling-Union #1 in Pontotoc County, Oklahoma.
The proposed well is located within a 500 acre closure mapped at the Hunton Chimneyhill formation above an estimated total vertical depth of 2,100 feet. There have been 124 Hunton oil completions within a 6 mile radius of the Breitling-Union #1 test well. “The Hunton on our acreage is stacked between the Woodford Shale and the Sylvan Shale so we may have some opportunity in the future to run it out sideways.” said Joe Simo, Chief Geologist for Breitling Oil and Gas.
Management anticipates the well will reach total depth in about 4 days. Well completion and testing should begin during the last week of December. Breitling Oil and Gas CEO Chris Faulkner stated, “We have good up-hole serendipity with 10 bail out zones identified.” Faulkner added, “These shallow oil plays are really economical when you look at the reserves you can hit just under a half mile down.”
An additional 11 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.