HOUSTON, Aug. 3, 2011 /PRNewswire/ -- Bering Exploration, Inc. (OTCQB: BERX) announced today that it has identified a new prospect through its exclusive partnership with Glaux Oil & Gas, LLC (Glaux) that covers 500,000 acres in the Permian Basin. This new prospect of approximately 640 acres has potential gross reserves of 950,000 barrels of oil and, based upon today's prices, equates to $88 million dollars of gross revenues or $3.50 per share. There is no guarantee that this prospect will be successful or that these numbers will be achieved due to production and/or price fluctuations. Bering is currently conducting its technical assessment and once satisfactorily completed will begin leasing the mineral rights. Bering expects to initially retain a100% working interest.
This prospect was the first identified as a result of its recently announced three year exclusive exploration agreement with Glaux for the development of numerous leads and prospects in approximately 500,000 gross acres in West Texas using a proprietary aeromagnetic survey. Once leased, Bering will use other advanced oil finding technologies such as telluric and seismic to identify well locations.
The Permian Basin is one of the largest and most active oil basins in the United States, with the entire basin accounting for approximately 19 percent of total U.S. oil production. The Permian Basin remains a significant oil-producing province and contains an estimated 30 Billion barrels of remaining mobile oil and has the biggest potential for additional oil production in the country, containing 29% of estimated future oil reserve growth. Through increased use of enhanced-recovery practices the Permian Basin can have a substantial impact on U.S. oil production.
"We are excited to have our initial prospect generated by Glaux and expect to begin the leasing phase later this month," stated Steven Plumb, VP of Finance of Bering. "Our exclusive relationship with Glaux has provided us with this quality prospect that has been identified using unique and exciting technologies."
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.