This assessment will help define the company’s initial drilling program and Bering expects to have a preliminary plan completed by early next week.
The prospect has potential gross reserves of three million barrels of oil and 120 well locations and will target the Eagle Ford, Austin Chalk, Buda and Edwards zones.
Bering will retain a 100% working interest and an 80% 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.
It underlies the Austin Chalk and the Edwards limestone formation and is just below these formations.
The Eagle Ford Shale is considered by geologists to be the source rock, or the original source of hydrocarbons that are now found in the Austin Chalk above it.
