Bering Exploration Has Begun the Installation of Production Facilities for the Sharp Heirs A No. 1 Well
HOUSTON, Oct. 3, 2011 /PRNewswire/ -- Bering Exploration, Inc., (OTCQB: BERX) announced today that installation of the production facilities for the Sharp Heirs A No. 1 well has begun on its Ashland Prospect located in Concordia Parish, Louisiana. Once the installation is completed the well is expected to begin producing 50 to 75 barrels of oil from the Wilcox formation. 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.
"The installation of the production equipment is ahead of schedule and we now expect to begin production this month," stated Steven Plumb, VP of Finance of Bering. "Once online we will begin planning the next drill site 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.