Bering Reaches TD at South Texas Prospect
Bering has reached a total depth of 6,000 feet on the re-entry in the Chicas Locas #1 well in the Roxanne field. The Roxanne field is approximately 600 acres located in Victoria County, Texas and has multiple drilling locations that will target the Yegua and Frio formations at various depths. This field is estimated to have over $8 million in potential gross reserves based upon the current price of oil and gas and assuming all wells are drilled and successful. Bering will retain a 50% working interest in this prospect.
"We have successfully reached total depth and plan on perforating the lower Yegua zone in the next few days," stated Steven Plumb, VP of Finance of Bering. "If this zone is productive, we will begin oil production in the next few weeks and will then continue our development plans for this prospect."