Breitling O&G issued an operational update on the company's recent activity related to the development of various oil and gas properties in its portfolio. Oil and Gas is working very hard to retain all of its viable Haynesville leases in this difficult pricing environment.
Through June 15, 2011 the company participated in 171 new wells, 21 operated and 150 non-operated. The company is running 4 rigs currently. Breitling Oil and Gas expects to drill an additional 112 wells in the second half of 2011. The company has two frac fleets on retainer and had an inventory of ten wells awaiting completion as of June 2011. Breitling Oil and Gas has leaseholds in Texas that are prospective for the Eagleford Shale; leaseholds in Colorado that are prospective for the Niobrara Shale; leaseholds in Oklahoma that are prospective for the Woodford Shale; and leaseholds in Louisiana that are prospective for the Haynesville and Bossier Shales. The company recently hydraulic fractured its fifth Eagleford well in Guadalupe County, Texas and will commence production operations on this well sometime in August 2011. The company is working in partnership with Sandridge Energy on three wells in Gaines County, Texas and is preparing to spud a well with Devon Energy in Hemphill County, Texas.
Breitling Oil and Gas is developing the Haynesville Shale on acreage in Louisiana, and has three gross wells waiting on completion. The company expects hydraulic fracturing capacity to be available in August 2011 and will start completion operations on this backlog at that time.
Breitling Oil and Gas is working in the Woodford Shale in Oklahoma. The company has six prospects it plans to drill during the second half of 2011. It expects production to commence from the field in early 2012.
Breitling Oil and Gas chief executive officer Chris Faulkner stated, "Breitling has done a great job shifting its focus to liquids during a very difficult gas commodity trading price this year." Faulkner added, "Breitling Oil and Gas is carrying very little debt, is involved in no litigation and lawsuits, has a perfect safety record and has positioned itself for triple-digit revenue growth for the foreseeable future."
The company continues driving innovation within its EnviroFrac™ program which the company started in January 2010. Breitling Oil and Gas' EnviroFrac™ calls for the elimination of any additive not critical to the successful completion of the well and determines if greener alternatives are available for all essential additives.
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