Bering Exploration Announces the Sharp Heirs A No. 1 Well Was Successfully Drilled and Expects Gross Production of 50 to 75 BOPD
HOUSTON, Sept. 21, 2011 /PRNewswire/ -- Bering Exploration, Inc., (OTCQB: BERX) announced today that the Sharp Heirs A No. 1 well on its Ashland Prospect located in Concordia Parish, Louisiana was successfully drilled and logged. This well was drilled to a depth of 7,500 feet to test the prospective zones in the Wilcox formation. Preliminary analysis of this well indicates several productive zones within the Wilcox formation and is estimated to produce 50 to 75 barrels of oil per day with potential gross reserves of 150,000 barrels of oil. The Ashland Prospect has the potential for multiple wells and potential gross reserves of 500,000 barrels of oil. Bering will have a 10% working interest in this prospect.
"We are excited that the electric log indicated this well will be productive and we expect this well to be online and producing in the fourth quarter," stated Steven Plumb, VP of Finance of Bering. "The Ashland Prospect is another productive addition to our growing portfolio of properties."
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.