The approximate 500-acre prospect has multiple drilling locations and will target the Yegua and Frio formations at various depths.

According to the company, the prospect is estimated to have over $9m in potential gross reserves based upon the current price of oil and gas and assuming all wells are drilled and successful.

Bering will re-enter an existing well bore and perforate the Yegua formation that was not originally targeted in this well.

The company said it will retain a 50% working interest in the South Texas prospect.