This well was drilled to a depth of approximately 10,000ft to test the Oligocene Frio trend and the initial test has proven that one of the lower zones has tested positive for oil.
Further testing is required to determine if this zone will be commercially viable.
This prospect originally had potential gross reserves of 5,000,000 barrels of oil and 46bcf of natural gas.
Bering’s interest is a 5% working interest after pay out in this prospect.
The company has recently entered into a letter of intent (LOI) to participate in a new prospect located in the Gulf Coast area that has potential gross reserves of 120bcf of natural gas and up to 10 million barrels of oil.
