|By PR Newswire||
|December 28, 2012 06:00 AM EST||
HOUSTON, Dec. 28, 2012 /PRNewswire/ -- Bering Exploration, Inc., (OTCQB: BERX) announced today that it plans to utilize lateral technology to re-enter well bores that were previously abandoned. Bering currently has 34 abandoned well bores on its existing leases and has initially targeted three for re-entry utilizing coiled tubing laterals (CTL). The process will allow Bering to drill with coiled tubing up to four laterals a maximum of 300 feet each per interval in the target zone. Bering is estimating the cost of drilling the laterals at approximately fifty thousand dollars per interval.
"We look forward to employing this technology," stated Steven Plumb, Chief Financial Officer of Bering. "We believe that these efforts will enable us to re-establish production on these leases."
About Bering Exploration, Inc.
Headquartered in Houston, Texas, 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. Additional information about Bering can be found on the web at www.beringexplore.com.
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-Q and Annual Report on Form 10-K 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.
SOURCE Bering Exploration, Inc.
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