US-based Bering Exploration has signed an agreement with a local company to co-develop a prospect that comprises over 1,000 acres near its existing 1,200-acre Eagle Ford prospect.

The company and its partner will each contribute 50% of the cost to develop the property.

There are 50 new well locations and an existing 50 well bores that could potentially be rehabbed and brought back into production.

Bering said that it will initially target the Eagle Ford and Austin Chalk formations.

Bering VP of finance Steven Plumb said that the new development agreement enables the company to expand its operations at a lower cost per barrel finding cost.

Headquartered in Houston, Texas, Bering focuses on identifying, developing and acquiring potential natural gas and oil wells in the Gulf Coast onshore region of the US.