Bering Exploration Announces It Has Acquired an Interest in a Prospect With Potential Gross Reserves of 5,000,000 Barrels of Oil and 46 BCF of Gas
HOUSTON, Sept. 13 /PRNewswire/ — Bering Exploration, Inc., formerly Oncolin Therapeutics, Inc., (OTCBB: OCOL) announced today that it has acquired an interest in a South Texas oil and gas prospect that has potential gross reserves of 5,000,000 barrels of oil and 46 BCF of natural gas. The initial well will be drilled to approximately 10,000 feet to test the Oligocene Frio trend in South Chambers County, Texas. Bering’s interest is a 5% working interest after pay out in this prospect.
Based upon the estimates by the originating geologist, it is estimated that this prospect could have potential reserves of 5,000,000 barrels of oil and 46 BCF of gas, which equates to a total of $558,000,000 in future gross revenue at today’s prices of $76.00 per barrel of oil and $3.88 per Mcf of gas. 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’s net revenue interest would equate to approximately 4% of the gross revenue and production figures discussed in this release, or approximately $22M.
“We are very excited that our first oil & gas acquisition is one that has a tremendous amount of upside for our company with very low risk to our shareholders,” stated Steven Plumb, VP of Finance of Bering. “We look forward to continuing to grow Bering through acquisitions of drilling and production opportunities.”
Oncolin has recently announced that its board and majority shareholders have approved a name change to Bering Exploration, Inc. and that the company expects the name change to occur within the next 45 days.
About Bering Exploration, Inc. (Formerly Oncolin Therapeutics, 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 Oncolin 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 Oncolin’s future business and financial results, refer to Oncolin’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. Oncolin 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.