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Bering Exploration Moves Workover Rig In On Its Louisiana Prospect With Potential Gross Reserves Of 1,000,000 Gross Barrels Of Oil Or $95,000,000
By: PR Newswire
Jan. 18, 2013 06:01 AM
HOUSTON, Jan. 18, 2013 /PRNewswire/ -- Bering Exploration, Inc., (OTCBB: BERX) announced today that it has moved a workover rig in on to its N. Edna Prospect in Jefferson Davis Parish, Louisiana. Bering has reentered the existing wellbore and completed the perforation of an existing, previously untapped zone. Bering expects the results of the perforation to be known in the next three to five days. The entire prospect has potential gross reserves of 1,000,000 barrels of oil, which, based upon today's prices, equates to a gross value of more than $95 million. Bering currently owns a 100% working interest in this prospect.
"We are pleased that our efforts to revitalize this existing well are progressing," stated Steven Plumb, VP of Finance of Bering.
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
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