WESTON, FL -- (Marketwire) -- 11/15/10 -- Wall Street News Alert's "stocks to watch" this morning are: Bering Exploration, Inc. (PINKSHEETS: OCOL), Chevron Corp (NYSE: CVX), Exxon Mobil Corporation (NYSE: XOM) and Halliburton (NYSE: HAL).
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This morning, Bering Exploration, Inc., (PINKSHEETS: OCOL) issued a press release announcing that it 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.
Chevron Corp (NYSE: CVX) down 0.7% on 10.5 million shares traded.
Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide.
Exxon Mobil Corporation (NYSE: XOM) down 1.1% on 24.5 million shares traded.
Exxon Mobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world's growing energy needs.
Halliburton (NYSE: HAL) down 1.3% on 16 million shares traded.
Halliburton is one of the world's largest providers of products and services to the energy industry.
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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