Bering has begun the process to be licensed by the State of Texas to conduct drilling and operations in Texas. The company expects to receive the approval in the next thirty days.
Bering recently announced that drilling operations have begun on its Gulf Coast prospect with potential 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 expect our application for an operator's license with the Texas Railroad Commission to be approved in the next thirty days," stated Steven Plumb, VP of Finance of Bering. "This license will allow Bering to enter the first phase of our drilling program on our Eagle Ford prospect."
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