According to the company, the results from these initial wells will help with the design and development of a more in depth drilling program for the remaining 116 potential wells locations.

The initial four wells will target the Eagle Ford, Austin Chalk, Buda and Edwards zones and based upon current prices have gross potential reserves of $11m.

The company will retain a 100% working interest and an 80% net revenue interest with a two-year lease term.

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