Bering Exploration, Inc. issued a financial and operational update covering the company’s oil and gas exploration and development activities in the United States over the last month.
Bering Exploration reported that the company has closed on the purchase of 265 acres of oil and gas leasehold in Singer, Louisiana. The company estimates that the property has gross reserves of 1.3 million barrels of oil, with a monetary worth of $104 million, or $4.16 per share.
Bering Exploration also announced a successful well drilled on the company’s properties in Texas. The Chicas Locas #1 well is located at the Roxanne Field in Victoria County, and is producing oil and gas from the Yegua formation. The company is analyzing production data from the well to decide whether to employ artificial lift technology at this well.
Bering Exploration said that the Roxanne Field is 600 acres in size and has production potential from the Yegua and Frio formations. The company estimates the value of the potential gross reserves at $8 million.
Bering Exploration has identified a new 640 acre prospect in the Permian Basin in Texas, and estimates the potential gross reserves at 950,000 barrels of oil.
For more information on the company, go to www.beringexplore.com
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