DALLAS, Dec. 9, 2013 /PRNewswire/ -- Breitling Oil and Gas Corporation and Breitling Royalties Corporation (collectively, "Breitling") and Crude Energy, LLC and Crude Royalties, LLC (collectively "Crude") jointly announced today that Breitling has transferred to Crude its business of sourcing and managing oil and gas working interests and royalty interests for clients. Upon completion of its asset purchase agreement with Bering Exploration, Inc. ("Bering" ), Breitling intends to operate as a publicly held exploration and production company, not as an originator of investment opportunities for retail investors.
Crude has been formed by Parker Hallam and Michael Miller, two of the original three principals of Breitling, for the purpose of carrying on Breitling's former business of sourcing and managing oil and gas investments for clients. Crude will also employ the bulk of Breitling's employees who have been responsible for the administration of this business. Chris Faulkner, the remaining founder of Breitling, will be devoting his primary business time and attention to serving as Chairman and Chief Executive Officer of the ongoing public company, which intends to change its name to "Breitling Energy Corporation."
"Crude is dedicated to providing continued excellence in the sourcing and management of oil and gas investments for current Breitling clients and future Crude clients," said Parker Hallam, President of Crude. "I am excited to begin this next chapter and look forward to servicing our growing investor base with relentless pursuit of targeted investments and maximized asset value for many years to come."
"Breitling's investment clients will be in excellent and familiar hands with Parker Hallam and Michael Miller at the helm of Crude," said Chris Faulkner, Chief Executive Officer and President of Breitling. "This transaction gives us a great opportunity to monetize our assets, leverage new growth pathways and continue to build stakeholder value."
Effective immediately, Crude will take over administration and daily management of the investments of all of Breitling's former clients. In connection with its transaction, Breitling's former clients wishing to contact Crude may do so at the following address:
SOURCE Breitling Oil and Gas Corporation