Click here to close now.




















Welcome!

News Feed Item

Breitling Energy Corporation Reports Fiscal Year 2013 Financial and Operating Results

Full-year 2013 highlights include:

DALLAS, March 31, 2014 /PRNewswire/ -- Breitling Energy Corporation (OTC : BECC, "Breitling") announced today results for the fiscal year of 2013.


Year Ended Dec. 31,

(In thousands except per-share data)

2013

(Unaudited)

2012

Total revenues

$ 26,651

$ 13,408

Operating loss

$ (2,313)

$ (5,512)

Net loss

$ (2,522)

$ (5,684)

Net loss per basic and diluted common share

$ (0.01)

$ (0.01)

Weighted average basic and diluted common shares outstanding

498,883

461,863

"The year 2013 marked a breakthrough for Breitling: we became publicly listed while continuing to dramatically increase our revenues and reserves," said Chris Faulkner, Chairman, President and Chief Executive Officer of Breitling. "We grew our 2013 revenue to approximately $26.6 million, a 106% increase over 2012, while limiting our expense growth rate to 65%, including the one-time costs associated with transitioning to a public company. During 2013, Breitling completed investments in domestic U.S. oil and gas properties, and in 2014 we announced significant increases in reserves. These results reflect our strategy to extend our growth record as we move toward profitability."

"Our strategy is to grow our reserves and production value through a combination of acquisitions and growth through our exploration and development programs that are focused on the properties we are acquiring," he added. "Our oil and gas operations are primarily in the Permian Basin of Texas and the Mississippi oil window of southern Kansas, with additional properties in Texas, North Dakota, Oklahoma and Mississippi."

"The stage is set for a strong 2014. We have identified several investment opportunities that have been fully vetted and approved by our technical team and that we expect to execute in the near term. Taking Breitling public in December gave Breitling additional financial flexibility and we plan to execute an already approved reverse stock split and will pursue an 'up-listing' to a senior exchange."

In February, as previously announced on a filing on Form 8K, Breitling entered into an agreement for the exploration and development of approximately 3,680 acres of Permian Basin property in Sterling County, Texas. Using improved exploration and exploitation methods, Breitling believes the acreage will be characterized by low to moderate production risk.  Breitling plans to operate all of the wells included in this acreage under the direction of Joe Simo, who brings almost 40 years of experience operating and developing oil and gas wells.

Management's goal is to build long-term stockholder value by growing reserves and production revenues in a cost-efficient manner. To accomplish this goal, Breitling plans to carry out a balanced strategy of:

  • Developing existing properties. Operations and investment opportunities are focused on exploratory and developmental drilling onshore in the U.S. in major plays such as the Permian Basin, Eagle Ford, Marcellus, Utica, Granite Wash, Cleveland, Hunton, Mississippi Lime, Bakken, Lower Hope Lime and Three Forks unconventional liquids plays.
  • Developing our capabilities as an operator on certain of our properties. Breitling's strategy seeks to minimize operating costs by concentrating on assets within geographic areas where we can consolidate operating control and, thus, create operating efficiencies. Breitling continues to develop operations in Texas, Oklahoma and Kansas.
  • Acquiring additional strategic, complementary assets. Breitling targets the acquisition of assets in oil and gas fields that have demonstrated long-lived, high-quality production, and are heavily weighted in oil and/or liquids that are rich in natural gas production. Breitling evaluates acquisitions based on decline profiles, reserve life and seeks to take advantage of any operational inefficiencies of the target operator, and primarily it values the target's discounted cash flows from its proved developed producing category.

Oil and Natural Gas Reserves

Set forth below is a summary of Breitling's oil and gas reserves:


Gross Oil

Net Oil

Gross Gas

Net Gas



(Mbbl)

(Mbbl)

(Mmcf)

(Mmcf)

PV-10(1)

Proved Producing

163,602

84.58

487,274

373.13

$ 4,873.64

Proved Non-Producing

6,567

17.16

31,008

20.41

$ 568.67

Proved Undeveloped

13,005

49.01

30,049

132.39

$ 2,668.78

Probable Undeveloped

15,457

150.04

253,940

547.32

$ 6,930.45

Probable Non-Producing

9,028

11.08

26,292

13.08

$ 408.06

Possible Undeveloped

6,638

184.31

101,571

191.95

$ 6,599.77

Possible Non-Producing

1,561

1.43

3,293

0.23

$ 24.00

Total

215,858

497.61

933,427

1,278.51

$22,073.37


(1) The total proved PV-10 value of the estimated future net revenue are not intended to represent the current market value of the estimated oil and natural gas reserves we own. Management believes that the presentation of PV-10, while not a financial measure in accordance with GAAP, provides useful information to investors because it is widely used by professional analysts and sophisticated investors in evaluating oil and natural gas companies. Because many factors that are unique to each individual company impact the amount of future income taxes estimated to be paid, the use of a pre-tax measure is valuable when comparing companies based on reserves. PV-10 is not a measure of financial or operating performance under GAAP. PV-10 should not be considered as an alternative to the standardized measure as defined under GAAP. PV-10 of probable or possible reserves represent the present value of estimated future revenues to be generated from the production of probable or possible reserves, calculated net of estimated lease operating expenses, production taxes and future development costs, using costs as of the date of estimation without future escalation and using 12-month average prices, without giving effect to non-property related expenses such as general and administrative expenses, debt service, and depreciation, depletion, and amortization, or future income taxes and discounted using an annual discount rate of 10%. With respect to pre-tax PV-10 amounts for probable or possible reserves, there do not exist any directly comparable GAAP measures, and such amounts do not purport to present the fair value of our probable and possible reserves.

ABOUT BREITLING ENERGY

Breitling Energy Corporation is a growing energy company based in Dallas, Texas engaged in the acquisition of lower risk onshore oil and gas properties and the exploration and development of such properties. We intend to utilize a combination of acquisitions and growth through the drill-bit to increase reserve and production value. Our oil and gas operations are focused primarily in the Permian Basin of Texas and the Mississippi oil window of southern Kansas. We also have various properties in Texas, North Dakota, Oklahoma and Mississippi.

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 Breitling'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 Breitling's periodic reports and other documents filed with the SEC. Breitling undertakes no obligation to publicly update or revise any forward-looking statements.

SOURCE Breitling Energy Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Learn how you can use the CoSN SEND II Decision Tree for Education Technology to make sure that your K–12 technology initiatives create a more engaging learning experience that empowers students, teachers, and administrators alike.
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 17th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships at Com...
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...