Breitling Oil & Gas, which manages oil and natural gas deposits in North Dakota and Oklahoma, is considering an initial public offering or other strategic alternatives 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 possible as well, he said.
But 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 is controlled by employees and other insiders.
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.
UBS, Brean Capital LLC and Zions Bancorp's Amegy Bank, a midsized Texas bank, are advising Breitling.
© 2014 Thomson/Reuters. All rights reserved.