Bering Exploration to Start Drilling Operations on its South Texas Prospect With $9 Million in Potential Gross Reserves and Provides Update
HOUSTON, July 25, 2011 /PRNewswire/ -- Bering Exploration, Inc., (OTCQB: BERX) announced today that it will begin drilling operations this week on its South Texas prospect. Bering will re-enter an existing well bore and perforate the Yegua formation which was not originally targeted in this well. This approximate 500 acre 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. Bering will retain a 50% working interest in this prospect.
"The well bore that we are re-entering was initially drilled targeting a much deeper zone and was never tested for the Yegua and Frio zones that have historically been productive in this area," stated Steven Plumb, VP of Finance of Bering. "We have ordered the pipe and requested the production unit for Tuesday of this week. We expect to begin oil production in the next few weeks if our completion is successful."
Bering has elected to employ an additional unique radiometric technology to further delineate its previously announced Eagleford prospects. Bering believes this additional testing will further reduce its drilling risks and has put its Eagleford operations on hold until such testing can be completed.
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.