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
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...