Bering to Begin Drilling Eagle Ford Play
Bering has engaged Dependable Working Partners to provide drilling services for its Eagle Ford shale play in Central Texas. This prospect has potential gross reserves of 3,000,000 barrels of oil which amounts to $318 million or $13.25 per share based upon the current price of oil and outstanding shares and assumes all wells are drilled and successful. Bering owns a 100% working interest and an 80% net revenue interest in this prospect.
Bering recently announced that 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.
"With the hiring of Dependable, we have assembled a seasoned and experienced team to work with us to implement our drilling program," stated Steven Plumb, Chief Financial Officer of Bering. "We are on track to obtain drilling permits in the near term and hope to be drilling soon after that."