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."
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