Bering Exploration Inc. announced Thursday that it has completed the installation and testing of the production equipment at the LeJeune No. 1 well, in the N. Edna prospect. This will allow the Company to tie into the pipeline system of the first purchaser of our production. The well is producing at 400 million cubic feet of natural gas per day. Bering owns a 78 percent net revenue interest in the production. This 384 acre prospect is located in Jefferson Parish, Louisiana and has potential gross reserves of the equivalent of 1 million barrels which, based upon today's prices, equates to a gross value of more than $85 million dollars.
"This installation of the production equipment, combined with the pipeline installation by our first purchaser, provides Bering with a consistent source of revenues," stated Steven Plumb, VP of Finance of Bering, "and will enable us to begin seeking capital for additional drilling efforts."
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you