WESTON, FL -- (Marketwire) -- 11/22/10 -- Wall Street News Alert's "stocks to watch" this morning are: Bering Exploration, Inc., (PINKSHEETS: OCOL), Patriot Coal Corporation (NYSE: PCX), Walter Energy (NYSE: WLT) and Alpha Natural Resources (NYSE: ANR).
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This morning, Bering Exploration, Inc., (PINKSHEETS: OCOL) issued a press release announcing 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.
The press release states that based upon today's 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 over the life of the prospects. There is no guarantee that these prospects will be successful or that these numbers will be achieved due to production and/or price fluctuations.
"We are very excited to execute this LOI that allows our participation in in this very sizable prospect," stated Steven Plumb, VP of Finance of Bering. "If successful, our prospects will bring a historic amount of revenue to our very young company and we look forward to continuing to develop and add to our growing portfolio of prospects in order to increase our shareholder value."
The stock closed yesterday at Thirty Seven cents a share.
Patriot Coal Corporation (NYSE: PCX) up 7.3% on 9.5 million shares traded.
Patriot Coal Corporation is a leading producer and marketer of coal in the eastern United States, with 14 current mining complexes in Appalachia and the Illinois Basin.
Walter Energy (NYSE: WLT) up 9.3% on 6 million shares traded.
Walter Energy is a leading U.S. producer and exporter of premium hard coking coal for the global steel industry and also produces steam coal and industrial coal, metallurgical coke and coal bed methane gas.
Alpha Natural Resources (NYSE: ANR) up 8.1% on 6.4 million shares traded.
Alpha Natural Resources is one of America's premier coal suppliers with affiliate coal production capacity of more than 90 million tons a year.
The national average for regular, unleaded gas was $2.87 on Nov. 19, up 4.5 cents in the last two weeks, according to the Lundberg survey of about 2,500 gas stations in the continental United States.
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