The acquired leasehold has potential gross reserves of about 1.3 million barrels of oil and the potential gross reserves of this Singer prospect equates to about $104m.
Bering Exploration VP of finance Steven Plumb said the company will continue to grow its drilling inventory and expects to begin drilling additional wells in the fourth quarter of this year.
"This acquisition adds another quality prospect with the promise of providing additional potential reserves for Bering," Plumb said.
Bering Exploration focuses on identifying, developing and acquiring potential natural gas and oil wells in the US Gulf Coast onshore region.
