Breitling Energy Corporation (BECC) (the "Company") announces hydraulic fracturing of its Hoppe "63" #1 well in the Permian Basin of West Texas. The well was completed to a depth of approximately 8,600 feet, with four zones being fracked this week.
The zones that were perforated and fracked include the Strawn Lime and Cline at the deepest depths from approximately 8,200 – 8,500 feet; the Cisco sands and Credo from approximately 7,000 – 7250 feet; the Triple M Credo from approximately 6,600 – 6,900 feet and the Albaugh and Middle Wolfcamp from approximately 6,050 – 6,300 feet.
Fracking crews began setting up Tuesday; the lower two zones were fracked Wednesday, with the upper two zones being completed today. Fracking operations include multiple wellbore perforations within the zones to maximize the reservoir, then sending a mixture of water, sand and lubricant under high pressure to create small fissures in the formations.
"We are confident in the macro trend for oil and are bringing this well on-line now because the economics work at today's prices. We continue to optimize efficiency so we can produce and sell oil and gas in the full spectrum of price environments," says Chris Faulkner, Breitling Energy's CEO and Chairman. "It's not so much about price for us as it is optimization. Our lease in the Permian Basin allows us to be efficient, and we will continue developing the field without debt, which gives us the added confidence to move forward with the Company plan we outlined in our first year," Faulkner added.
Following fracking, further completion operations will prepare the well for production, and then initial flowbacks will proceed.