Breitling – Bering Merger Named a 2014 Deal of the Year
28 January 2015 - 1:12AM
Business Wire
Breitling Energy Corporation (OTCBB: BECC) has been named as a
2014 Deal of the Year by Acquisition International for its merger
with Bering Exploration Inc. After 18 months of intense
negotiations, the two companies entered into an Asset Purchase
Agreement where Bering issued 461.9 million shares of stock to
Breitling in exchange for all of the oil and gas working interests
of the former Breitling Oil and Gas. In completion of the reverse
merger, the Bering board resigned and was replaced with the
Breitling board; similarly the Bering management team resigned and
was replaced with the Breitling management team. The headquarters
was relocated to Dallas, Texas. The new company emerged as
Breitling Energy Corporation, trading under the stock symbol BECC
on the over the counter bulletin board exchange.
“This saved our shareholders a substantial mount of money
compared to the conventional public underwriting process. We knew
of Bering and knew they no longer wanted to continue as a public
company, and we wanted access to capital markets, so this deal was
a natural fit,” said Chris Faulkner, Breitling Energy’s CEO and
chief architect of the merger. “This would be far more difficult to
orchestrate in today’s oil price environment. One of the biggest
hurdles was ascribing proper valuation to our hundreds of working
interests. Timing is everything because today’s prices probably
wouldn’t facilitate such a deal,” Faulkner added.
The merger allowed Breitling to capitalize its assets,
converting the company from exclusively non-operating interests to
growth through the drill bit, increasing its PV10 valuation and to
use its currency to acquire additional acreage and pursue other
valuations.
“These are challenging times and I built my career on good
challenges,” Faulkner said. “We have a solid plan for the future,
and we are carefully adjusting and executing according to these
times. I’m very optimistic for the future of Breitling Energy and
proud to have been recognized for this strategic merger.”
ABOUT BREITLING ENERGY CORPORATION
Breitling Energy Corporation is a growing U.S. energy company
based in Dallas, Texas engaged in the exploration and development
of high-probability, lower risk onshore oil and gas properties. The
Company’s dual-focused growth strategy primarily relies on
leveraging management’s technical and operations expertise to grow
through the drill-bit, while also growing its base of non-operating
working interests and royalty interests.
Breitling Energy's oil and gas operations are focused
primarily in the Permian Basin of Texas and the Mississippi oil
window of southern Kansas and Northern Oklahoma, with non-operating
investments in Texas, North Dakota, Oklahoma and Mississippi.
Breitling Energy Corporation is traded over the counter under the
ticker symbol: BECC. Additional information is available at
www.breitlingenergy.com.
Breitling EnergyThomas Miller, 214-716-2600VP of
CommunicationsorGil Steedley, 214-716-2600VP of Capital Markets