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Breitling Updates Ops at Several Permian Basin Wells

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   |    Wednesday,September 24,2014

Breitling Energy Corporation announces the second well under its Farmout Agreement in Sterling County Texas, reached an approximate total depth of 9,000 feet today.

The Hoppe '63' #1 was spudded September 12, 2014. The Company reports the well encountered the same productive formations as in the Company's first Sterling County well, the Parramore #1. The Company plans to drill a total of eight wells on its Sterling County property to earn the total acreage under the Farmout Agreement. Based on the results of the initial eight wells, the Company will continue to drill out the acreage using the most successful wells to guide its future drilling locations.

The Parramore #1 well, completed in late July, is still in the flow testing stage. The Company performed a 6-stage frac job on the well in July 2014. The first plug was drilled out in the Upper Wolfcamp and testing began in late July. The initial 24-hour test on August 1, 2014 yielded approximately 85 barrels of oil per day, 211 thousand cubic feet of gas per day and a moderate amount of flowback fluid. As the fluid decreases, the Company expects oil and gas production to increase. The single oil zone was flow tested until September 4, 2014, when drilling out the remaining five sets of plugs began, exposing the remaining pay zones to the well bore.

Oil production resumed on September 14, 2014. During the last nine days, oil and gas production has steadily increased and water production has decreased. A continued increase in oil and gas production is anticipated, combined with the reduction of water. The Company will continue to monitor the well and update the production numbers as production stabilizes.

The Company’s Buresh 17-#1HM well in Sumner County, Kansas went online on September 11, 2014, producing approximately 127 barrels of oil and a significant amount of flowback water during the first 12 hours. The well's oil production has continued to increase, and is now approaching 300 barrels a day. In the first 12 days, the well produced approximately 3,000 total barrels of oil.

As has been the pattern in other horizontal Mississippian wells, the Company believes the oil production should continue to increase as the amount of water decreases.

The Teaff #1 is a shallow 2600' Hope Lime oil producer. Production is from a 10 foot thick oil zone underlain by water also found in fractured rock. Production commenced on February 11, 2014. The well came in pumping approximately 45 barrels of oil in only 6 hours. The Company hesitated pulling the well too hard to prevent water coning. The Company plans to drill a water disposal well approximately 1 mile to the southwest of the Teaff #1. Once completed, Breitling feels the well could be produced at full 24-hour capacity, with water being pumped to the disposal well. The Company believes there are at least two possible offsets according to 3-D seismic data.

Chris Faulkner, Breitling’s CEO, said, "We’re pleased with the overall developments in our properties to date and are continuing to execute our business plan of growth through the drill bit and development. We anticipate the Hoppe 63 #1 to be another successful completion in the Permian Basin, thus increasing our asset value and presence in that area."