HOUSTON, Aug. 18, 2011 /PRNewswire/ -- Bering Exploration, Inc., (OTCQB: BERX) announced today that the Chicas Locas #1 well located in the Roxanne field has begun producing oil from the lower Yegua formation.
The Company is evaluating the well to determine whether artificial lift will enhance the initial production. The Roxanne field consists of approximately 600 acres located in Victoria County, Texas and has multiple drilling locations that will target the Yegua and Frio formations at various depths. This field is estimated to have over $8 million in potential gross reserves based upon the current price of oil and gas and assuming all wells are drilled and successful. Bering will retain a 50% working interest in this prospect.
"We are pleased to have established our first producing oil well and expect to continue to develop this prospect." stated Steven Plumb, VP of Finance of Bering, "We continue to seek out prospects that we can develop and increase shareholder value."
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.
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.