Bering Exploration Announces it Has Reached an Agreement to Co-Develop a 500 Acre Tract in South Texas With $9 Million in Potential Gross Reserves
HOUSTON, June 28, 2011 /PRNewswire/ -- Bering Exploration, Inc., (OTCQB: BERX) announced today that it has reached an agreement to co-develop an approximately 500 acre tract in South Texas. This prospect has multiple drilling locations and will target the Yegua and Frio formations at various depths and is estimated to have over $9 million in potential gross reserves based upon the current price of oil and gas and assuming all wells are drilled and successful.
"We expect to complete the first of these wells during the third calendar quarter of the year," stated Steven Plumb, VP of Finance of Bering, "and begin receiving revenues by the end of the third calendar quarter."
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.