Bering has entered into a Letter of Intent to participate in a new prospect located in the Gulf Coast area that has potential gross reserves of 120 Bcf of natural gas and up to 10 million barrels of oil. Based upon today's prices this equates to a total of $1.3 billion dollars in potential gross revenue of which Bering's working interest would be 2.5% or $23 million over the life of the prospect. There is no guarantee that this prospect will be successful or that these numbers will be achieved due to production and/or price fluctuations.
"We are very excited to execute this LOI that allows our participation in this very sizable prospect," stated Steven Plumb, VP of Finance of Bering. "If successful, our prospects will bring a historic amount of revenue to our very young company and we look forward to continuing to develop and add to our growing portfolio of prospects in order to increase our shareholder value."