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<b>Breitling Announces Updated Reserve Data</b>
April 22, 2014 02:12 PM Eastern Daylight Time
<p><strong><a href="http://breitling.replicapatekonline.com">breitling</a></strong> DALLAS--( BUSINESS WIRE )--Breitling Energy Corporation (OTCBB:BECC) (“Breitling”) announced today
that due to the partial execution of Breitling’s business plan its
estimated proved, probable and possible oil and gas assets have
increased to a net present value of approximately $128 million, using a
10% discount rate, oil priced at $98.68 per barrel and gas priced as
$4.03 per MMBtu. This increase is partially due to Breitling’s recent
acquisition and development of our Permian basin farmout acreage.
</p>
</p>
<p><strong><a href="http://breitling.replicapatekonline.com">breitling</a></strong>
Chris Faulkner, Breitling’s Chief Executive Officer, stated, “The
updated reserve data indicates that its strategy and business plan are
starting to take shape.” Faulkner added, “We will continue to
aggressively develop this asset to maximize stockholder value.”
</p>
<p><strong><a href="http://breitling.replicapatekonline.com">breitling</a></strong>
<b>Oil and Natural Gas Reserves</b>
</p>
<p><strong><a href="http://breitling.replicapatekonline.com">breitling</a></strong>
Set forth below is a summary of Breitling’s updated oil and gas reserves:
</p>
 
 
 
<b>Gross Oil</b>
 
 
<b>Net Oil</b>
 
 
<b>Gross Gas</b>
 
 
<b>Net Gas</b>
 
 
<b>(Mbbl)</b>
<b>(Mbbl)</b>
<b>(Mmcf)</b>
<b>(Mmcf)</b>
<b>PV-10</b> <b>(1)</b>
Proved Producing
161,966
.53
81
.35
480,595
.58
358
.35
4,708
.52
Proved Non-Producing
6,447
.95
17
.01
30,772
.58
20
.71
580
.41
Proved Undeveloped
15,566
.83
1,988
.11
34,495
.77
3,570
.51
43,732
.16
Probable Undeveloped
18,556
.21
2,484
.85
259,467
.17
4,612
.97
46,371
.02
Probable Non-Producing
9,045
.44
10
.99
26,289
.88
12
.92
415
.31
Possible Undeveloped
9,192
.50
2,103
.35
105,754
.93
3,400
.45
33,033
.64
Possible Non-Producing
1,465
.27
 
1
.43
 
2,882
.25
 
0
.23
 
24
</p>
.16
</p>
 
 
Total
222,270
.73
6,687
.09
940,258
.16
11,976
.14
128,865
.22
 
(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.
 
<p><strong><a href="http://breitling.replicapatekonline.com">breitling</a></strong>
<b>ABOUT BREITLING ENERGY</b>
</p>
<p><strong><a href="http://breitling.replicapatekonline.com">breitling</a></strong>
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.
</p>
<p>
<b>FORWARD-LOOKING STATEMENTS</b>
</p>
<p>
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 Private 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.
</p>
<p>
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.
</p>
<p>
</p>
Contacts
<p>
<b>Investor Relations:</b> Breitling Energy Corporation Gilbert
Steedley, 214-716-2060
</p>
<p>
</p>
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