Glaux has found approximately 25 leads and prospects in the area and will work exclusively with Bering to develop these prospects using Glaux’s access to exploratory leads.

The company said that the exploratory leads were identified using a proprietary aeromagnetic survey and other advanced oil finding technologies such as telluric and seismic.

Subject to the terms of the agreement, Bering will be able to choose whether or not to lease the mineral rights and proceed to the drilling of the prospect, once each of these prospects is developed.

Bering chief financial officer Steven Plumb that this exclusive agreement gives the company a steady supply of new prospects that have been identified using very unique technology.