Bering has entered into an agreement to participate in a prospect in southeast Louisiana. The initial well in the prospect will be drilled to a depth of approximately 7,500 feet to test the prospective zones in the Wilcox formation. This prospect has the potential for multiple wells and potential gross reserves of 500,000 barrels of oil. Bering will have a 10% working interest in this prospect.
"We are happy to be participating in a new prospect that has great upside potential and is expected to be drilled in the next two months," stated Steven Plumb, VP of Finance of Bering. "This prospect meets our criteria of participating in projects which provide the company the maximum amount of value with a minimal amount of risk, and if successful, will increase our shareholder value."
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