Breitling Oil & Gas considered an initial public offering or additional strategic alternatives for late 2013 or early 2014. The Dallas-headquartered company currently administers oil and natural gas deposits in North Dakota and Oklahoma.

In an interview with Breitling's chief executive officer Chris Faulkner, he stated that the company hoped to earn US$200 million to US$400 million by means of any IPO.

He added that a debt offering or complete sale of the business could happen too.

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

Breitling Oil & Gas was managed by personnel and other insiders.

Oklahoma's Mississippian Lime shale region along with North Dakota's Bakken and Three Forks shale fields were owned by the company. Approximately 200,000 acres of mineral rights are controlled by Breitling across the said places.

UBS, Brean Capital LLC and Zions Bancorp's Amegy Bank, a midsized Texas bank, were all advising Breitling.