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Breitling Energy Corporation announces its third well under the previously announced Farmout Agreement in the Permian Basin of west Texas spud yesterday. The Sellers ‘66’ #1 is expected to be drilled to a depth of approximately 8,600 vertical feet within 30 days under normal field operations.
The Company anticipates intersecting similar pay zones as its other two wells on the acreage, the #1 Hoppe ‘63’ and the Parramore #1, both of which were drilled to a similar depth in 2014.
Chris Faulkner, Breitling Energy Chairman and CEO, commented: "While many producers are pulling back right now, we’re moving forward. This is important acreage and we intend to develop it fully according to plan. The economics work for us at $50 oil, so we’re still drilling."
The Company plans to drill a total of eight wells on its Permian Basin lease to earnout the total acreage under the Farmout Agreement. Based on the results of the initial eight wells, the Company may opt to drill out the acreage using the most successful wells to guide its future drilling locations.
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