HOUSTON, March 17, 2011 (GLOBE NEWSWIRE) — Bering Exploration, Inc. (Pink Sheets:BERX) announced today that it has leased the mineral rights on approximately 1,200 gross acres targeting the Eagle Ford shale play in Central Texas with potential gross reserves of 3,000,000 barrels of oil and 120 well locations. The prospect also contains one well bore that has been abandoned and the company will evaluate the possibility of a re-entry. This prospect has an aeromagnetic survey and the company expects to utilize it and other advanced techniques to maximize oil recovery from the Eagle Ford, Austin Chalk, Buda and Edwards zones. Bering will retain a 100% working interest and an 82% net revenue interest with a two year lease term.
The Eagle Ford Shale is a shale rock formation located in multiple counties in South Texas. It underlies the Austin Chalk and the Edwards limestone formation is just below it. It is considered by geologists to be the “source rock,” or the original source of hydrocarbons (oil and gas) that are now found in the Austin Chalk above it. Industry leaders have been quoted as saying that it has the “perfect mineralogical makeup for a shale play” and one of the world’s largest oil & gas companies has already called it the sixth largest domestic oil discovery in the U.S. history.
“We believe that this prospect will provide Bering with a strong basis for a 120 well program with a high probability of success,” stated Steven Plumb, Chief Financial Officer of Bering.�”This acquisition is another example of our strategy of seeking out low risk drilling opportunities.”
About Bering Exploration, Inc. �
Headquartered in Houston, Texas, Bering Exploration, Inc. is an independent oil and natural gas company that focuses on indentifying, evaluating, developing and acquiring potential natural gas and oil wells in the Gulf Coast onshore region. Additional information about Bering can be found on the web at www.beringexplore.com.
The Bering Exploration, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8898
Safe Harbor Statement
This press release contains statements that may constitute forward-looking statements and are based upon assumptions that management believes to be reasonable.�A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of exploration efforts and the timeliness of development activities, leasing of the target acreage, fluctuations in oil and gas prices, access to acquisition and development capital, and other risk factors described from time to time in the Company’s reports filed with the SEC. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company’s control. For additional information about Bering’s future business and financial results, refer to Bering’s Quarterly Reports on Form 10-QSB and Annual Report on Form 10-KSB and other reports, which are on file with the Securities and Exchange Commission. Bering undertakes no obligation to update any forward-looking statement that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise.
CONTACT: Bering Exploration, Inc., Houston
Steven Plumb, 713-780-0806
Investors@beringexplore.com
http://bit.ly/ikmlrM
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