Bering 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."
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