Wall Street News Alert: Stock in Focus: Bering Exploration -- November 15, 2010
15 Novembro 2010 - 1:03PM
Marketwired
Wall Street News Alert's "stocks to watch" this morning are: Bering
Exploration, Inc
. (PINKSHEETS: OCOL),
Schlumberger Limited (NYSE: SLB), Chesapeake Energy Corporation
(NYSE: CHK) and Valero Energy Corporation (NYSE: VLO).
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This morning, Bering Exploration, Inc., (PINKSHEETS: OCOL)
issued a press release announcing that its South Texas prospect has
been successfully logged. An initial analysis of the log indicated
multiple productive zones. The initial well was drilled to a depth
of approximately 10,000 feet to test the Oligocene Frio trend. This
prospect has 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 press release states that based upon the estimates by the
originating geologist, it is expected that this prospect could have
potential reserves of 5,000,000 barrels of oil and 46 BCF of gas,
which equates to a total of $619,000,000 in future gross revenue at
today's prices of $87.00 per barrel of oil and $4.00 per Mcf of
gas. There is no guarantee that this prospect will be successful or
that these numbers will be achieved due to production and/or price
fluctuations. Bering's net revenue interest would equate to
approximately 4% of the gross revenue and production figures
discussed in this release, or approximately $24.7M.
"We are extremely happy that the log has indicated various zones
could be productive," stated Steven Plumb, VP of Finance of Bering.
"This is a major step forward for us in realizing the huge
potential that this prospect could provide and increasing the value
of our company."
The stock closed yesterday at Forty Four cents a share.
Schlumberger Limited (NYSE: SLB) down 1.2% on 11.1 million
shares traded. Schlumberger is the world's leading supplier of
technology, integrated project management and information solutions
to customers working in the oil and gas industry worldwide.
Chesapeake Energy Corporation (NYSE: CHK) down 2.1% on 14.1
million shares traded. Chesapeake Energy Corporation is one of the
largest producers of natural gas and the most active driller of new
wells in the U.S.
Valero Energy Corporation (NYSE: VLO) up 0.5% on 9.5 million
shares traded. Valero Energy Corporation is a Fortune 500 company
based in San Antonio with approximately 21,000 employees. The
company owns or operates 15 refineries with a combined throughput
capacity of approximately 2.8 million barrels per day.
Market Commentary: Light, sweet crude for December delivery was
recently down $3.12, or 3.5%, at $84.69 a barrel on the NYMEX, the
lowest level since Nov. 3. Brent crude on the ICE futures exchange
fell $2.97, or 3.4%, at $85.84 a barrel.
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