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 next month.
As part of the project, the company 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 11,200ft to 11,400ft levels of the well.
Chris Faulkner, CEO of Breitling, said: “The onshore Texan Gulf Coast is estimated to contain about 34% of Texas’ conventional gas reserves and about 7% of its remaining oil.
“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.”
