Corrected: Bering Exploration Signs Agreement To Utilize Patented Technology To Perform Lateral Extensions
HOUSTON, Feb. 12, 2013 /PRNewswire/ -- Bering Exploration, Inc., (OTCBB: BERX) announced today that it has entered into an agreement with RadJet, Inc. to utilize RadJet's patented technology to re-enter a targeted number of well bores that the company currently owns. This process will drill four new laterals in each well with each lateral extending over 100 feet. This will increase the exposure to the target formation by over 400% and is expected to yield a significant increase in production from where the wells were previously preforming before being shut in. Bering anticipates beginning this process within the next 45 days.
"This effort to utilize new technologies to recover existing reserves is consistent with our Company mission," stated Steven Plumb, VP of Finance of Bering. "We are excited to move forward with this technology."
The original release incorrectly stated that the RadJet technology is patent pending, when in fact it is covered by issued patents.
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.