HOUSTON, April 11, 2011 (GLOBE NEWSWIRE) -- Bering Exploration, Inc., (Pink Sheets:BERX) announced today that it will initially drill four test wells on its Eagle Ford shale play in Central Texas. The results from these initial wells will help with the design and development of a more in depth drilling program for the remaining 116 potential wells locations. These initial four wells will target the Eagle Ford, Austin Chalk, Buda and Edwards zones and based upon current prices have gross potential reserves of $11,000,000. Bering will retain a 100% working interest and an 80% net revenue interest with a two year lease term.
The Eagle Ford Shale is a shale rock formation located in multiple counties in South Texas. It underlies the Austin Chalk and is considered by geologists to be the "source rock," or the original source of hydrocarbons (oil and gas) that are now found in the Austin Chalk. Industry leaders have been quoted as saying that it has the "perfect mineralogical makeup for shale play" and one of the world's largest oil & gas companies has already called it the sixth largest domestic oil discovery in the U.S. history.
"We are very excited to begin this initial drilling program," stated Steven Plumb, Chief Financial Officer of Bering. "We expect to obtain the drilling permits in the near term and hope to be drilling soon after that. If these first four wells are successful then we expect this prospect to add significant value to our company and shareholders."
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 .
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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-QSB and Annual Report on Form 10-KSB 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.
CONTACT: Bering Exploration, Inc., Houston Steven Plumb, 713-780-0806 Investors@beringexplore.com
