Breitling Energy is in much better shape than most people realize.
BECC went public less than a year ago through a reverse merger with Bering Exploration. At that time the O/S was less than 40M. The only reason we have an O/S of 500M is so that Breitling could go public.
Of that 500M shares 461,838,084 were issued to Breitling and are held by the CEO Chris Faulkner. I don’t believe the company has sold any shares into the market yet, so a $280M market valuation based on the O/S is a little skewed. If we look at a valuation based on the public float (40M) we would have a much lower market capitalization.
Now BECC had $128M in P3 reserves at the end of 2013, and that is before the Sterling County leases that we are currently drilling were added. That 8 well farmout should greatly boost Breitling’s reserves, and we can see that the Parramore number 1 was just put into production.
We have a CEO that believes in this company and team.
This statement was made in the 10-KT. “the Company’s Chief Executive Officer, Mr. Chris Faulkner, has personally guaranteed his ability and financial wherewithal to ensure the Company can continue until at least January 1, 2015. This personal guaranty may include reduction of salary, capital or debt contributions and/or other measures, as needed.”
Now, if you look at the partnership between Crude Energy and Breitling Energy you can see that this team has a proven history of developing oil and gas assets. Parker Hallam and Crude Energy are definitely involved with these projects as well and may be using accredited investors to help fund these projects through some of the royalty interests.
Chris Faulkner’s book "The Fracking Truth" is a great read if you want to get some idea of what see for the future.
And just think, when they uplist, you might even have a chance to write covered calls on the stock you have and make even more money.
There is no other play on the OTC under $1 on the entire OTC.
IMO and FWIW.
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