DALLAS--(BUSINESS WIRE)--As Mexico continues exploring sustainable energy reform under the leadership of President Enrique Pena Nieto, there is now substantially more interest from U.S. oil and gas companies in exploring co-ventures with Pemex, the Mexico’s state-owned petroleum company, particularly south of the Texas border.
Breitling Energy Corporation (OTCBB: BECC) CEO, Chris Faulkner, is addressing the 11th annual Border Energy Forum today in Monterrey, Nuevo Leon, Mexico. The symposium brings hundreds of energy and thought leaders together from both countries, exchanging ideas and exploring new partnerships of how to work cooperatively for the mutual goals of economic development and environmental protection.
Faulkner is sitting on a panel with Dr. Michelle Michot Foss of the Center for Energy Economics from the University of Texas; Dr. Edgar Rangel German, Commissioner of Hydrocarbons of Mexico; attorney Dana Contratto; Jaime Williams of Gas Industrial de Monterrey; and Fernando Canales Clariond of Solensa, a Mexican LNG firm.
Of particular interest is the prolific Eagle Ford shale formation, extending from at least 15 core Texas counties, across the Mexican border into Coahuila de Zaragoza and parts of Nuevo Leon. The University of Texas at San Antonio reported in 2013, the Eagle Ford provided a $72 Billion gross impact on the South Texas economy, supporting 114,300 full-time jobs.
As Mexico watched the prolific United States shale revolution virtually explode, Pemex’s production dropped 25% in the last 10 years to a paltry 2 million barrels a day. The company has been fraught with corruption and bureaucracy, and estimated losses exceeding $1 billion last year alone from drug cartels stealing oil from its pipelines. President Pena Nieto has been on a campaign to convince U.S. operators that his administration is committed to reversing the decline, and has been aggressively seeking partnerships with U.S. companies, many of which are beginning to sign development deals.
“Mexico is an extension of the Eagle Ford shale, so what you see going on in South Texas could happen in Mexico. They don’t have the know-how or the resources to develop it, so they’re coming to companies like Breitling Energy to partner with them to get these resources out of the ground,” said Faulkner. “We see great potential in what President Pena Nieto is doing and we’re exploring if there’s a way we could participate and add value to our shareholders.”
ABOUT BREITLING ENERGY
Breitling Energy Corporation is a growing U.S. energy company based in Dallas 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 royalty interests. Breitling’s oil and gas operations are focused primarily in the Permian Basin of Texas and the Mississippi oil window of southern Kansas, 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.