Breitling to Purchase 100% of Oklahoma Oil and Gas Co
Breitling Oil and Gas Corporation has in place a preliminary agreement for the purchase of Southwest Energy Exploration of Oklahoma City, OK. Under the confidential terms of the agreement, which will go into effect January 1, 2010, and is subject to a number of conditions including the receipt by both parties of certain consents and releases, Southwest Energy Exploration will be a wholly owned operating subsidiary of Breitling Oil and Gas.
The purchase includes all Southwest Energy Exploration property, equipment and leases of developable land in Oklahoma and Texas. Management, which has over 30 years of experience in the industry, is contracted to remain with the business for a minimum of five years. Southwest Energy Exploration was started in 2004 and remains a local leader in oil and natural gas exploration within the State of Oklahoma.
Chris Faulkner, CEO of Breitling, commented, "We are excited to bring Southwest Energy Exploration onboard and look forward to its quick integration into the Breitling family of companies." Additionally, Parker Hallam, COO of Breitling, was quoted as saying, "We look forward to a very healthy and productive 2010 and continuing to grow our business units and revenue while satisfying both our clients and shareholders alike."