Under the terms of the agreement, which will go into effect January 1, 2010, Southwest Energy Exploration will be a wholly owned operating subsidiary of Breitling Oil and Gas.
The purchase includes all Southwest Energy Exploration property, equipment and leases of developable land in Oklahoma and Texas. Management is contracted to remain with the business for a minimum of five years. Southwest Energy Exploration was started in 2004 and is engaged in oil and natural gas exploration in the state of Oklahoma.
Chris Faulkner, CEO of Breitling Oil and Gas, said: “We are excited to bring Southwest Energy Exploration onboard and look forward to its quick integration into the Breitling family of companies.”
Parker Hallam, chief operating officer of Breitling Oil and Gas, said: “We look forward to a very healthy and productive 2010 and continuing to grow our business units and revenue while satisfying both our clients and shareholders alike.”
