Bering Exploration Enters LOI to Participate in a New Prospect With Potential Revenue Valued at $23 Million Dollars or $0.99 Per Share
HOUSTON, Nov. 22, 2010 /PRNewswire/ — Bering Exploration, Inc., (Pink Sheets: OCOL) announced today that it has entered into a Letter of Intent to participate in a new prospect located in the Gulf Coast area that has potential gross reserves of 120 BCF of natural gas and up to 10 million barrels of oil. Based upon today’s prices this equates to a total of $1.3 billion dollars in potential gross revenue of which Bering’s working interest would be 2.5% or $23 million over the life of the prospect. There is no guarantee that this prospect will be successful or that these numbers will be achieved due to production and/or price fluctuations.
“We are very excited to execute this LOI that allows our participation in this very sizable prospect,” stated Steven Plumb, VP of Finance of Bering. “If successful, our prospects will bring a historic amount of revenue to our very young company and we look forward to continuing to develop and add to our growing portfolio of prospects in order to increase our shareholder value.”
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.
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.
SOURCE Bering Exploration, Inc.