Bering Exploration, Inc. (OTCBB: BERX), announced it completed installation and testing of production equipment at the LeJeune No. 1 well. The well is located in the North Edna prospect in Jefferson Parish, Louisiana, near New Orleans.
Bering will tie into the pipeline of the first purchaser of the oil and gas production now that installation and testing is finished.
LeJeune No. 1 is expected to produce more than 400,000 cubic feet of natural gas per day and is located on a 384-acre prospect, the company said. The estimated reserves in the well total 1 million barrels with a price value of more than $85 million.
Bering owns a 79 percent interest in net revenue from the production of the well.
"This installation of the production equipment, combined with the pipeline installation by our first purchaser, provides Bering with a consistent source of revenues," said Steve Plumb, vice president of finance of Bering, "And will enable us to begin seeking capital for additional drilling efforts."