Breitling Energy Corp. (OTC: BECC) struck oil near Abilene with its first well in the region and plans to start bringing it to market this month.
The Dallas-based company drilled 2,630 feet into the Lower Hope Lime where it found enough oil to produce about 110 barrels of oil per day.
The well, called Teaff #1, was drilled in Taylor County about 10 miles outside Abilene.
There’s potential for four or five additional wells in the same vicinity.
“As we drill additional locations in the surrounding area in the upcoming months, we hope for similar findings,” said Chris Faulkner, CEO and president of Breitling.
Breitling went public Jan. 22 after merging with Bering Exploration and taking over that company’s assets. Shares of BECC were trading at 38 cents Tuesday afternoon. The company plans to get listed on the New York Stock Exchange or NASDAQ in the next few months.
The company also moved into a much bigger space in Pacific Place and has plans to hire additional employees.
Article Author: Nicholas Sakelaris