Bering has reentered the existing wellbore and completed the perforation of an existing, previously untapped zone.
Bering expects the results of the perforation to be known in the next three to five days. The entire prospect has potential gross reserves of 1 million barrels of oil, which, based upon today’s prices, equates to a gross value of more than $95 million.
Bering currently owns a 100% working interest in this prospect.
“We are pleased that our efforts to revitalize this existing well are progressing,” stated Steven Plumb, VP of Finance of Bering.
Bering Exploration, Inc. is an independent oil and natural gas company that focuses on identifying, evaluating, developing and acquiring potential natural gas and oil wells in the Gulf Coast onshore region.