Breitling Energy Corp. (OTCBB: BECC) has completed the acquisition of certain non-operated working interests in the Hunton play of northwestern Oklahoma. This extends the company’s plan to acquire strategic assets during this lower price environment.
This phase of the acquisition includes current production from five wells plus proportional interest in the units held by those wells totaling approximately 3,200 acres. With this initial phase, the company also has the obligation to purchase additional working interest in the same wells upon completion of certain conditions related to the transaction. The wells, primarily yielding oil and high-BTU natural gas, are producing from the Hunton formation with multiple zones behind the pipe, including the prolific Woodford shale and the Mississippian limestone formation.