Bering Inks Exploration Agreement in West Texas
Bering has signed a three year exclusive exploration agreement with Glaux for the development of numerous leads and prospects in approximately 500,000 gross acres in West Texas. Glaux has identified approximately 25 leads and prospects in the area and will work exclusively with Bering to develop these prospects using Glaux's access to exploratory leads that were identified using a proprietary aeromagnetic survey and other advanced oil finding technologies such as telluric and seismic. Subject to the terms of the agreement, once each of these prospects is developed Bering will be able to choose whether or not to lease the mineral rights and proceed to the drilling of the prospect.
"This exclusive agreement gives Bering a steady supply of new prospects that have been identified using very unique technology," stated Steven Plumb, Chief Financial Officer of Bering. "We are incorporating several exciting technologies that we believe will allow us to reduce the risks inherent in the drilling and production of oil and gas wells."