The initial well will be drilled to approximately 10,000ft to test the Oligocene Frio trend in South Chambers County, Texas, and Bering will hold a 5% working interest after pay out in this prospect.
Bering vice president of finance Steven Plumb said that the company’s first oil and gas acquisition has a tremendous amount of upside for it with very low risk to its shareholders.
Bering, formerly Oncolin Therapeutics, 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.
