Devon Drills Well in Tx. Panhandle

- Devon Drills Well in Tx. Panhandle

Friday, July 15, 2011
Breitling O&G Corp.

Breitling O&G has spud the Breitling-Buffalo Run #1H on July 10, 2011 in Hemphill County, Texas.

The Breitling-Buffalo Run #1H is a 15,900-foot TMD well located in the prolific Buffalo Wallow field in the Texas Panhandle. The Breitling-Buffalo Run #1H is targeting the Granite Wash sections A through G.

Management anticipates the well will reach total depth in about 37 days. Well completion and testing should begin during the first week of September. The well is being operated by Devon Energy Corporation.

The company declined to disclose reserve potential or any further details regarding the prospect to the public.

Breitling Oil and Gas CEO Chris Faulkner stated, "We are excited to be participating with Devon Energy on the Buffalo Run well." Faulkner added, "The vertical wells in the Buffalo Wallow field have been great producers and we are excited to step out and drill a horizontal."

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Linn to Acquire Texas Panhandle, Okla. Properties for $220M

Linn to Acquire Texas Panhandle, Okla. Properties for $220M

Monday, May 09, 2011
LINN Energy, LLC

LINN Energy, LLC announced Monday that it signed a definitive purchase agreement with Panther Energy Company, LLC and Red Willow Mid-Continent, LLC to acquire 40 percent of their oil and natural gas properties located in Ochiltree and Lipscomb counties, Texas and Ellis County, Oklahoma for a contract price of $220 million, subject to closing conditions. The Company anticipates the acquisition will close on or before June 1, 2011, and will be financed with net proceeds from the recently announced senior notes offering.

"The acquisition of these properties enhances LINN's overall position in the Texas Panhandle area, and marks our entry into the liquids-rich window of the horizontal Cleveland play in the Anadarko Basin," said Mark E. Ellis, President and Chief Executive Officer of LINN Energy. "Partnering with Panther will align us with an experienced and efficient operator that has been active and successful in this area for several years. This acquisition provides high rate-of-return projects and we expect it to be immediately accretive to our unitholders."

Bob Zahradnik, Chairman of Panther Energy, added, "We have created significant value in the Anadarko Basin, and we look forward to developing this area with a solid partner like LINN Energy. This divestiture is a tactical transaction to fund the substantial capital demands of our successful programs in the deepwater Gulf of Mexico and West Texas."

Significant characteristics of the assets are:

• Net production of approximately 2,700 barrels of oil equivalent per day from approximately 170 producing wells;
• Proved reserves of approximately 10 million barrels of oil equivalent (45 percent oil, 37 percent proved developed);
• Total acreage position of 140,000 gross (44,000 net) acres; and
• More than 165 proved low-risk infill drilling locations.

LINN Energy's mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets. LINN Energy is a top-20 U.S. independent oil and natural gas development company, with approximately 2.8 Tcfe of proved reserves in producing U.S. basins as of Dec. 31, 2010 (pro forma for pending and closed 2011 acquisitions).

The Southern Ute Growth Fund is the majority owner and funding partner of Panther Energy, LLC and the parent company of Red Willow. Panther and Red Willow have E&P and midstream operations throughout the Rockies, Mid-Continent, Permian Basin, West Texas and the Gulf of Mexico. The Growth Fund oversees the business of the Southern Ute Indian Tribe.

Scotia Waterous (USA) acted as financial advisor to Panther Energy Company, LLC and Red Willow Mid-Continent, LLC in this transaction.

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