Bering Begins Drilling Ops in Tx.
Bering announced that drilling operations have begun on its Gulf Coast prospect that has potential gross reserves of 120 BCF of natural gas and up to 10 million barrels of oil. Based upon today's prices this equates to a total of 1.16 billion dollars in potential gross revenue of which Bering's working interest would be 2.5% or approximately $29 million over the life of the prospect. There is no guarantee that this prospect will be successful or that these numbers will be achieved due to production and/or price fluctuations.
Bering recently announced that it will initially drill four test wells on its Eagle Ford shale play in Central Texas and will utilize the results to help with the design and development of a more in depth drilling program for the remaining 116 potential wells locations and that it has engaged Dependable Working Partners to provide drilling services for this prospect.
"This prospect, if successful, will provide us with revenue and cash flows in the near term as we develop our Eagle Ford shale play," stated Steven Plumb, VP of Finance of Bering. "We will continue to look for new opportunities that will allow us the potential to diversify our portfolio of oil and gas properties."