Breitling Energy Corporation, a Dallas-based oil and gas exploration and production company, announced the successful drilling of its first well on the its existing 3,680 acre farmout in Sterling County, Texas in the prolific Permian Basin. The well reached total depth of 9,215 feet in late March and the Company elected to run pipe in the anticipation of fracking and completing the well in mid-May.
The Company has recently announced it had entered into a farmout agreement with Steller Energy and Investment Corporation to gain rights to the Permian Basin acreage.
"Considering we have the ability to down space to 20 acres in the area, we could have one-hundred plus drilling locations in Sterling County," stated CEO Chris Faulkner. Faulkner further noted, "The electric logs show potentially productive zones in the Cisco-Canyon sands, the Cline, the Strawn and the Wolfcamp formations and we look forward to updating our stockholders again once we are able to quantify the increase in oil and gas production that this well will contribute to the Company's overall oil and gas production."
The Company currently plans to drill an additional seven new wells on the Sterling County acreage to fully capture the total 3,680 acres.
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