Bering reported that the Chicas Locas #1 well located in the Roxanne field has begun producing oil from the lower Yegua formation.
The Company is evaluating the well to determine whether artificial lift will enhance the initial production. The Roxanne field consists of approximately 600 acres located in Victoria County, Texas and has multiple drilling locations that will target the Yegua and Frio formations at various depths. This field is estimated to have over $8 million in potential gross reserves based upon the current price of oil and gas and assuming all wells are drilled and successful. Bering will retain a 50% working interest in this prospect.
"We are pleased to have established our first producing oil well and expect to continue to develop this prospect." stated Steven Plumb, VP of Finance of Bering, "We continue to seek out prospects that we can develop and increase shareholder value."