Breitling Energy Corp. announces drilling operations on its fourth well under the previously announced Farmout Agreement in the Permian Basin of West Texas. The Sellers '60' #1 spud on 21 September 2015 and is currently drilling through approximately 3000ft. The well is targeting a total depth of approximately 9000ft in early October under normal field operations.
The company anticipates intersecting similar pay zones as its other three wells on the acreage: the #1 Hoppe '63', the Parramore #1 and the Sellers '66' #1, all of which were drilled to a similar depth in 2014 and early 2015. Potential pay zones anticipated include the Albaugh and Middle Wolfcamp, Triple M Credo, Cisco sands, Strawn Lime and the Cline shale.
"According to Baker Hughes, there were 838 rigs drilling in North America and 250 are in the Permian Basin. I'm proud that one of those belongs to Breitling Energy," said Chris Faulkner, Breitling chairman and CEO. "We firmly believe in the future of American shale, and there's no better place to be, in our opinion, than the Permian. The economics work for us at today's price levels so we're drilling."
The company is still on track to drill eight wells on its Permian Basin lease to earnnout the total acreage under the Farmout Agreement. Based on the results of the initial eight wells, the Company may opt to drill out the acreage using the most successful wells to guide its future drilling locations.
Image: Breitling Energy Sellers '60' rig site/Breitling Energy Corp.