Exclusive: Breitling Oil & Gas eyes IPO in $200-$400 million range

Tue Jul 2, 2013 11:58am EDT
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By Ernest Scheyder

NEW YORK (Reuters) - Breitling Oil & Gas, which manages oil and natural gas deposits in North Dakota and Oklahoma, is considering an initial public offering or other options for late 2013 or early 2014.

The Dallas-based company would hope to raise $200 million to $400 million through any IPO, Chris Faulkner, Breitling's chief executive, said in an interview.

A debt offering or entire sale of the company is also possible, he said.

Faulkner has traveled to Asia several times this year, and said interest in buying Breitling was strong across the continent.

But Faulkner added: "I think there's a lot more upside potential for us that we couldn't monetize if we sold the business right now."

Breitling is controlled by its employees and other insiders.

"We'd probably look at some kind of equity (offering) rather than a complete divestiture," Faulkner said.

The company controls roughly 200,000 acres of mineral rights across North Dakota's Bakken and Three Forks shale fields, as well as in Oklahoma's Mississippian Lime shale field.   Continued...