DALLAS, Feb. 18, 2014 /PRNewswire/ — Breitling Energy Corporation (OTC: BECC) (the "Company") announced that it had closed the acquisition of a 35% overriding royalty interest in 53 proved producing wells and 15 drilling sites located in Dimmitt, Zavala, Frio, and LaSalle Counties, Texas. The interest was acquired from Gaston Kearby for wellbores operated by SN Operating. Total purchase price paid was $3.2 million.
"We are very pleased with this acquisition," said Chris Faulkner, Chief Executive Officer and President of Breitling Energy Corporation. "These properties are currently producing net royalties of over $59,000 per month. We are continuously looking for opportunities to acquire interests in currently producing properties."
For more information, visit www.breitlingenergy.com
ABOUT BREITLING ENERGY
Breitling Energy Corporation is an oil and gas exploration and production company that acquires and develops lower-risk onshore oil and gas working interests and royalty interests in proven basins in the United States, such as the Bakken / Three Forks Sanish formations located in North Dakota and the Mississippi Lime and Hunton / Woodford / Cleveland formations located in Oklahoma and Kansas.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release regarding future expectations, access to public capital markets, plans for acquisitions and dispositions, oil and gas reserves, exploration, development, production and pricing may be regarded as "forward-looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as operating hazards, drilling risks, the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's periodic reports and other documents filed with the SEC. Actual results may vary materially.
Any number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, the volatility of oil and gas prices, the costs and results of drilling and operations, the timing of production, mechanical and other inherent risks associated with oil and gas production, weather, the availability of drilling equipment, changes in interest rates, litigation, uncertainties about reserve estimates, environmental risks and other risks and uncertainties set forth in Company's periodic reports and other documents filed with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements.
PRESS CONTACT: Traci Dakins, Stephenson Group, 253.306.4006
INVESTOR RELATIONS CONTACT: Gilbert Steedley, Breitling Energy, 214.716.2060