Breitling has acquired thousands of acres of leases in the Gulf Coast regions of Texas and Louisiana as it continues to expand its Gulf Coast Exploration initiative. Breitling has identified 29 future oil and gas drilling locations within the acreage.
Breitling already owns a 25% working interest in approximately 360 acres onshore in Jefferson County, Texas and is set to begin drilling the first well on the acreage May 1. As part of the project, Breitling will re-enter an existing oil and natural gas well which had previously been in production and was shut-in. In addition, the company plans to test other potential producing formations in the 11,200 to 11,400 foot levels of the well.
"The onshore Texan Gulf Coast is estimated to contain about 34% of Texas' conventional gas reserves and about 7% of its remaining oil," said Chris Faulkner, Chief Executive Officer of Breitling Oil and Gas.
"This acquisition was a direct result of our strategy to leverage our management team's combined 38 years' experience in this industry and our unique ability to uncover undervalued prospects with significant upside potential."
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