HOUSTON, May 18, 2011 (GLOBE NEWSWIRE) -- Bering Exploration, Inc., (OTCQB:BERX) announced today that it will begin the remediation of an initial two wells on its recent joint venture on 1,000 acres located in Central Texas. Bering will equally share the expenses required to remediate and develop this prospect with its JV partner and expects to begin the initial two well remediation within the next couple of weeks. There are 50 new well locations and an existing 50 well bores that could potentially be rehabilitated and brought back into production. The company will initially target the Eagle Ford and Austin Chalk formations.
Bering recently announced that drilling operations have begun on its Gulf Coast prospect with potential gross revenue valued at $29 million over the life of the prospect. Additionally, Bering announced that it will initially drill four test wells on its Eagle Ford shale play in Central Texas targeting $11 million in gross potential reserves and will utilize the results to help with the design and development of a more in depth drilling program for the remaining 116 potential well locations targeting gross potential reserves of more than $300 million. The figures above are based upon the current price of oil and gas and assume all wells are drilled and successful.
"We believe that this is an excellent opportunity to quickly establish production and cash flow," stated Steven Plumb, VP of Finance of Bering. "We hope that these initial two wells provide us the results that will enable us to expand our remediation efforts to the entire field."
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-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.
CONTACT: Bering Exploration, Inc., Houston Steven Plumb, 713-780-0806 Investors@beringexplore.com