Located in Victoria County, the Roxanne field is about 600 acres and has multiple drilling locations that will target the Yegua and Frio formations at various depths.

According to the company, the field is estimated to have over $8m in potential gross reserves based upon the current price of oil and gas and assuming all wells are drilled and successful.

Bering Exploration said it will retain a 50% working interest in this prospect.

US-based Bering Exploration focuses on identifying, developing and acquiring potential natural gas and oil wells in the Gulf Coast onshore region.