Bering Exploration has drilled its first well on its South Texas prospect, which has potential gross reserves of five million barrels of oil and 46bcf of natural gas.

The initial well was drilled to a total depth of approximately 10,000ft to test the Oligocene Frio trend.

Bering Exploration vice president of finance Steven Plumb said that the drilling of this well is a crucial step in realizing revenues from this project.

"We are looking forward to adding additional projects in order to increase shareholder value," Plumb said.

Headquartered in Houston, Texas, Bering Exploration is an independent oil and natural gas company that focuses on developing and acquiring potential natural gas and oil wells in the Gulf Coast onshore region.