Bering Exploration Announces It Has Selected the Locations for Remediation and Expects to Utilize a Unique Oil Recovery Process
HOUSTON, May 23, 2011 /PRNewswire/ -- Bering Exploration, Inc., (OTCQB: BERX) announced today that it has selected the initial locations for remediation on its recent joint venture on 1,000 acres located in Central Texas. Bering has designed a unique process to increase the chances of significantly increasing production and now expects to begin this process on the initial wells sometime next week. There are 50 new well locations and an existing 50 well bores that could potentially be rehabilitated and brought back into production. The company will initially target the Eagle Ford and Austin Chalk formations.
"We are excited to try this unique method of rehabilitation on these initial wells and believe that this gives us the greatest chances of success," stated Steven Plumb, VP of Finance of Bering. "We expect this process to take several weeks and if successful Bering could be producing oil by June."
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.