Bering Exploration Inc (PINK: BERX) soared 28.23% or $0.035 to $0.159 in the morning hours after the company announced today that it will begin installation on an approximately 3,500′ gas pipeline to connect its gas production from the Roxanne field located in Victoria County, Texas, to a commercial pipeline.
The company’s current leasehold in the Roxanne field consists of approximately 640 acres and has one producing well and multiple drilling locations that will target the Yegua and Frio formations at various depths.
The entire Roxanne field, which includes an additional 2,000 targeted un-leased acres, is estimated to have over $35 million in potential gross reserves based upon the current price of oil and gas and assuming all wells are drilled and successful. Bering owns a 50% working interest in this prospect.
Bering Exploration, formerly China Development Group, Inc., is a development-stage company. The Company is engaged in the exploration, acquisition, development and production of natural gas and crude oil.
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