SLB Schlumberger Ltd

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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