HOUSTON, April 18, 2011 (GLOBE NEWSWIRE) -- Bering Exploration, Inc., (Pink Sheets:BERX) announced today that drilling operations have begun on its Gulf Coast prospect that has potential gross reserves of 120 BCF of natural gas and up to 10 million barrels of oil. Based upon today's prices this equates to a total of 1.16 billion dollars in potential gross revenue of which Bering's working interest would be 2.5% or approximately $29 million over the life of the prospect. 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 recently announced that it will initially drill four test wells on its Eagle Ford shale play in Central Texas and will utilize the results to help with the design and development of a more in depth drilling program for the remaining 116 potential wells locations and that it has engaged Dependable Working Partners to provide drilling services for this prospect.
"This prospect, if successful, will provide us with revenue and cash flows in the near term as we develop our Eagle Ford shale play," stated Steven Plumb, VP of Finance of Bering. "We will continue to look for new opportunities that will allow us the potential to diversify our portfolio of oil and gas properties."
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.
The Bering Exploration, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8898
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.