SOURCE: Wall Street News Alert

Wall Street News Alert

December 01, 2010 09:13 ET

Wall Street News Alert: Stock in Focus: Bering Exploration -- December 1, 2010

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Wall Street Capital Funding.

WESTON, FL--(Marketwire - December 1, 2010) -  Wall Street News Alert's "stocks to watch" this morning are: Bering Exploration, Inc., (PINKSHEETS: OCOL), Baker Hughes Incorporated (NYSE: BHI), Exxon Mobil Corporation (NYSE: XOM) and BP plc (NYSE: BP).

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Yesterday after the markets closed, Bering Exploration, Inc., (PINKSHEETS: OCOL) issued a press release announcing that its South Texas prospect has tested positive for oil in its initial test phase. This well was drilled to a depth of approximately 10,000 feet to test the Oligocene Frio trend and the initial test has proven that one of the lower zones has tested positive for oil. Further testing is required to determine if this zone will be commercially viable.

The press release states that this prospect originally had potential gross reserves of 5,000,000 barrels of oil and 46 BCF of natural gas. Bering's interest is a 5% working interest after pay out in this prospect.

The release also states that the company recently announced that it has entered into a Letter of Intent to participate in a new prospect located in the Gulf Coast area that has potential gross reserves of 120 BCF of natural gas and up to 10 million barrels of oil. Based upon recent prices this equates to a total of $1.3 billion dollars in potential gross revenue of which Bering's working interest would be 2.5% or $23 million, or $0.99 per share, over the life of the prospect. There is no guarantee that this prospect will be successful or that these numbers will be achieved due to production and/or price fluctuations.

"We believe that these initial test results confirm our strategy of seeking out low risk drilling opportunities." stated Steven Plumb, VP of Finance of Bering. "Our recent Letter of Intent in the Gulf Coast area is another example of this strategy."

The stock closed yesterday at Thirty Two cents a share.

Baker Hughes Incorporated (NYSE: BHI) up 2.7% on 8.1 million shares traded.
Baker Hughes is a leading provider of drilling, formation evaluation, completion and production products and services to the worldwide oil and gas industry.

Exxon Mobil Corporation (NYSE: XOM) up 0.1% on 27.5 million shares traded.
Exxon Mobil Corporation is one of the leading international energy companies whose subsidiaries have operations in most of the world's countries.

BP plc (NYSE: BP) down 1.4% on 10.7 million shares traded.
BP is one of the world's largest energy companies, with interests in more than 100 countries and over 96,000 employees.

Market Commentary:
Bond prices rose, pushing their yields lower. The yield on the 10-year Treasury note fell to 2.80 percent from 2.83 percent Monday.

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