www.bizjournals.com – Breitling embarks on quest for riches in California shale

dbjBreitling Oil CEO Chris Faulkner is hunting for leases in the Monterey Shale, following favorable action by the California legislature.

Dallas-based Breitling Oil and Gas is hunting for leases in California’s Monterey Shale with renewed hope after lawmakers passed legislation that didn’t ban fracking, CEO Chris Faulkner said.

Last week, the legislature passed strict regulations on the hydraulic fracturing process but it is still allowed. And, perhaps more importantly, another process called acidizing also is still permitted.

The Monterey Shale is poised to become bigger than North Dakota’s Bakken Shale with an estimated 15 billion barrels of recoverable oil, according to the Energy Information Administration. But what makes the Monterey Shale so attractive is the geology of the area.