Bering has a 5% working interest in the prospect after the pay out.
The initial well will be drilled to approximately 10,000ft to test the Oligocene Frio trend in South Chambers County, Texas.
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 46bcf of gas.
Oncolin has recently said that its board and majority shareholders have approved a name change to Bering Exploration and that the company expects the name change to occur within the next 45 days.
