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Breitling Energy Corporation has reported that the first well under its recently executed Farmout Agreement has been drilled and completed.
The Parramore #1 was drilled to a total depth of approximately 9200’ which identified multiple pay zones. The well was completed in early August and is currently flow testing from one zone of the Wolfcamp with positive results to date. The Company plans to re-enter the well within the next 30 days to combine the production from other zones identified in the drilling process.
The Company plans to spud its second well in the program on or about September 15, 2014. Under the Farmout Agreement, the Company will earn a 100% working interest in each well that the Company drills, along with surrounding acreage. If the Company elects to drill at least eight wells, the Company will retain the interest in the entire acreage. In order to reduce its costs and exposure, the Company has elected to sell a portion of its working interests in the first well in this prospect. The Company may also elect to sell portions of future wells in this prospect.
Chris Faulkner, Breitling CEO, said, "This is a great addition to the growing reserves of Breitling and an overall fit to our business plan.” Faulkner added, “This Permian Basin acreage should allow Breitling to continue with its goal of adding additional liquids production to enhance its stakeholder value."
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