Bering Exploration Announces Additional Test Results On Its N. Edna Prospect With Potential Gross Reserves of $93 Million
HOUSTON, Feb. 25, 2013 /PRNewswire/ -- Bering Exploration, Inc., (BERX) announced today that it has completed an additional production test conducted at the conclusion of the re-completion performed on one of its wells on its North Edna prospect. The Company has received additional well test results that showed shut in pressure of 2,994 psi and that the well flowed at 654 MCF per day on a #7 choke at 2914 tubing pressure with a recovery rate of 4.33 barrels per day of condensate, 600 gallons per day recovered natural gas liquids (NGL) and no water from a virgin zone in this formation. This 348 acre prospect is located in Jefferson Parish, Louisiana and has potential gross reserves of the equivalent of 1 million barrels which, based upon today's prices, equates to a gross value of more than $93 million dollars.
"We are very pleased to get this additional positive test result," stated Steven Plumb, VP of Finance of Bering. "This additional test result confirms our efforts to complete the well and begin evaluating additional drilling opportunities on this prospect."
About Bering Exploration, Inc.
Headquartered in Houston, Texas, Bering Exploration, Inc. is an independent oil and natural gas company that focuses on identifying, evaluating, developing and acquiring potential natural gas and oil wells in the Gulf Coast onshore region. Additional information about Bering can be found on the web at www.beringexplore.com.
Safe Harbor Statement
This press release contains statements that may constitute forward-looking statements and are based upon assumptions that management believes to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of exploration efforts and the timeliness of development activities, leasing of the target acreage, fluctuations in oil and gas prices, access to acquisition and development capital, achieving economically viable wells, and other risk factors described from time to time in the Company's reports filed with the SEC. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control. For additional information about Bering's future business and financial results, refer to Bering's Quarterly Reports on Form 10-Q and Annual Report on Form 10-K and other reports, which are on file with the Securities and Exchange Commission. Bering undertakes no obligation to update any forward-looking statement that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise.
SOURCE Bering Exploration, Inc.