Bering has drilled the well to a depth of 7,500ft to test the prospective zones in the Wilcox formation.
The company said preliminary analysis of this well indicates several productive zones within the Wilcox formation and is estimated to produce 50 to 75 barrels of oil per day with potential gross reserves of 150,000 barrels of oil.
The company will hold a 10% working stake in the Ashland Prospect.
Bering Finance vice president Steven Plumb said the electric log indicated this well will be productive.
"We expect this well to be online and producing in the fourth quarter," Plumb said.
US-based Bering is an independent oil and natural gas company that focuses on identifying, evaluating, developing and acquiring potential natural gas and oil wells in the Gulf Coast onshore region.
