The company said that the prospect has a 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 play 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.
According to the company, the Eagle Ford Shale, which is considered by geologists to be the ‘source rock,’ or the original source of hydrocarbons (oil and gas).
