HOUSTON, Oct. 27, 2011 /PRNewswire/ -- Bering Exploration, Inc., (OTCQB: BERX) announced today that it has rounded out its first phase of lease acquisitions. These leases, for a total of 3,716 gross acres, contain 65 drilling locations and potential gross reserves of approximately 4.5M barrels of oil and 26 BCF of natural gas.
The Singer Project in S Louisiana consists of 320 gross acres with estimated reserves of 6 million barrels of oil and 20 BCF of natural gas and three to five wells. Preliminary geologic results indicate that there are four sands between 9600' to 10700'. Bering intends to retain a 36% WI in this project.
The Ashland Project in S Louisiana consists of 1,200 gross acres with estimated gross reserves of approximately 8M barrels of oil and 5 BCF of gas and 20 wells. Preliminary geologic results indicate that there are two sands between 6900' to 7100'. Bering owns a 10% WI in this project.
The Gohlke Project in SE Texas consists of 272 gross acres with estimated gross reserves of approximately 3.5M barrels of oil and 5 BCF of gas and 10 wells. Preliminary geologic results indicate that there are two sands between 5000' to 8100'. Bering intends to retain a 50% WI in this project.
The Luling Project in Central Texas consists of 1,284 gross acres with estimated gross reserves of approximately 450,000 barrels of oil and 3 MCF of gas and 30 wells. Preliminary geologic results indicate that there are three sands between 2100' to 2600'. Bering owns a 100% WI in this project.
Chicas Locas Project
The Chicas Locas Project in SE Texas consists of 640 gross acres with estimated gross reserves of approximately 12,000 barrels of oil and 1 BCF of gas and 1 wells. Preliminary geologic results indicate that there are five sands between 3600' to 5700'. Bering owns a 50% WI in this project.
"These projects provide Bering with a solid foundation for implementing our strategy of acquiring producing properties with development potential, drilling for low to moderate risked exploratory reserves, and optimizing field operations and controlling costs while maximizing production," stated Steven Plumb, VP of Finance of Bering. "The projects demonstrate our ability to execute this plan."
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