Bayport International Holdings, Inc. Announces New Acquisitions
& Beginning of Production.
PR Newswire
Tulsa Oklahoma, July 9, 2013
Tulsa Oklahoma, July 9, 2013 /PRNewswire/ -- Bayport
International Holdings, Inc. (OTCPINK: BAYP).
Today we are pleased to announce production in Gaines
County, Texas and interest in two new wells in Forest County,
Pennsylvania.
Gaines County, Texas, the Peck A (1x) Lease has gone into
production. According to the operator, CTL Oil and Gas, we have
gone into full production on the Peck A (1x) Lease. We should get
reports of average production numbers within the next few weeks.
There are active plans to rework the Peck B Lease in the near
future.
On July 28, 2011, the Company entered into an agreement with Rio
Rancho Oil & Gas Resources, a Texas oil & gas company ("Rio
Rancho"). Pursuant to that agreement, Bayport acquired a 3.5%
leasehold; a non-participating working interest in wells obtained
by Rio Rancho through leasehold. The nonparticipating working
interest does not require that the Company fund, in any way,
production of the wells, only receive revenues. .
The wells are located within Section 372, Block "G", Gaines County,
Texas. The Peck "A" lease covers 320 acres, and in December of 2002
had a production rate of 7,256 barrels per month. This can be
verified on the Texas Railroad Commission, link http://www.rrc.state.tx.us/data/online/gis/index.php#.
This first well is expected to resume producing from the existing
11,000 foot depth. The second well will be re-worked at the 3,500
foot depth to test the San Andres zone. Wells directly adjacent to
the south of this property have produced 400 BOPD from the San
Andres zone, although same in no way guarantees the same production
from the wells in which the Company has an interest.
The first well within the Peck "A" lease produced 92,536 barrels
from September 2002 to November 2006, before becoming inactive for
non-operational reasons. The northeast section of the area contains
a Gas Gathering line.
Offset production leasehold has become a major source of income and
exploration in the oil and gas industry. Bayport International
Holdings, Inc. & Rio Riata Oil & Gas Resources owns an
additional 160 acres Leasehold within the area. Rio Riata Oil &
Gas Resources are in various stages of acquiring additional offset
production properties that will benefit the relationship between
both parties
Drilling Operator: CTL Oil and Gas, an independent producer of
crude oil and natural gas, licensed by the State of
Texas.
Forest County, Pennsylvania
Additionally, we are pleased to announce the signing of contract to
acquire 5.0% working Interest and 3.75% net revenue in a new
drilling program in the Steffelbeam Lease, Forest County,
Pennsylvania. The contract is for wells with permit numbers 1 and
2, which have been submitted to Pennsylvania Department of
Environmental Protection (PA DEP). This brings our current interest
total to 4 wells in the Steffelbeam Lease.
Spud will commence this week on well 1 and 2. We will also update
our shareholders of the spud and put updated pictures on our web
site
www.bayportinternational.com
of the actual spud. Bayport plans on participating in several of
many well projects in the Steffelbeam Lease program. We should have
a final spud date on Drilling permit 3 and 4 on the Steffelbeam
Lease soon after production of wells 1 and 2. We will produce BBL
and other fact base data as we get it in. Spud data and drilling
permits can be found at:
http://www.portal.state.pa.us/portal/server.pt/community/oil_and_gas_reports/20297
Bayport International Holdings, Inc. is on an aggressive plan with
focus on the Oil & Gas Energy acquisitions of leasehold,
mineral interest and royalties to further our shareholder value and
revenue streams. We are in completion stages of the Milford Lease
drilling program, permit numbers, 38,39,30,68 each well constitutes
a 5.0% working interest and a 3.75% net revenue. The past press
releases of Jones, Nacogdoches County Texas and the Mississippi
Pike County Interest will have a full update and listed under our
projects page in our website. Feel free to call or email us with
any questions.
This will bring the shareholders and company a direct revenue
stream from Interest in eight wells in Forest County Pennsylvania
with a 3.75% share of the net revenue in each of the Milford and
Steffelbeam lease. Three wells that are in current production in
Jones, Pike and Nacogdoches County Texas, and one well in Gaines
County Texas.
Milford Lease Forrest County Pennsylvania:
The location Forest County, Pennsylvania is east of the town of
Titusville, Pa. This area has always been prolific in the
production of oil and natural gas. The preliminary target zones for
wells on this lease will be the 1st Sands, 2nd Sands, 3rd Sands,
and Red Valley Formations. These oils and gas bearing formations
are found throughout this immediate area and historically have been
good producers. All zones should be encountered at drilling depths
of approximately 1100-1300 ft., depending upon the elevation. Well
records found in the vicinity show the presence of these formations
on and near the lease. This lease is off-set on all sides by
operating oil and gas wells, owned and operated by various
independent operators.
Some of these early wells blew out at over 10,000 bopd of oil per
day. The drive that forced this oil out at such high rates was the
natural gas that was also present. Before a market was found and
pipelines were built much of this natural gas was wasted, being
vented or flared to atmosphere. The intense market demand for crude
oil created a boomtown history that rivaled anything in the gold
fields of California. Spin-off industries such as transportation,
refining and paraffin extraction created a job basis that lasts
today. Up until the mid-1930's this region of Pa. was the world's
leading exporter of oil. The majority of these early wells were
drilled to a depth less that 3000 ft. Success rate of wells drilled
in this known region of Pa. has been approximately 95%.
It is the best appraisal that wells drilled on the Forest Co.
Milford Lease have an excellent chance of being economically
productive. These leases give a drilling program a nice balance of
oil and natural gas production. Ideally we will see 20 barrels of
oil per day, initial production. Shallow wells go through a decline
curve after a short period of flush production and settle down to a
rate that may be maintained for many years. An old oil field axiom
states that a well will give up half its overall production within
the first year of production. With modern techniques of operating
the overall production rates can be greatly increased. It is quite
common for wells in this region to continue to operate economically
for (20) years or more after drilling. Of course this economical
life span is a factor to the price of being received for the oil
and natural gas.
Steffelbeam Lease Forrest County Pennsylvania:
The Steffelbeam Lease is directly adjacent from the Milford Lease
Forrest County Pennsylvania. And thus has all the same shale and
play potential. The location Forest County, Pennsylvania is east of
the town of Titusville, Pa. This area has always been prolific in
the production of oil and natural gas. The preliminary target zones
for wells on this lease will be the 1st Sands, 2nd Sands, 3rd
Sands, and Red Valley Formations. These oils and gas bearing
formations are found throughout this immediate area and
historically have been good producers. All zones should be
encountered at drilling depths of approximately 1100-1300 ft.,
depending upon the elevation. Well records found in the vicinity
show the presence of these formations on and near the lease. This
lease is off-set on all sides by operating oil and gas wells, owned
and operated by various independent operators.
Some of these early wells blew out at over 10,000 bopd of oil per
day. The drive that forced this oil out at such high rates was the
natural gas that was also present. Before a market was found and
pipelines were built much of this natural gas was wasted, being
vented or flared to atmosphere. The intense market demand for crude
oil created a boomtown history that rivaled anything in the gold
fields of California. Spin-off industries such as transportation,
refining and paraffin extraction created a job basis that lasts
today. Up until the mid-1930's this region of Pa. was the world's
leading exporter of oil. The majority of these early wells were
drilled to a depth less that 3000 ft. Success rate of wells drilled
in this known region of Pa. has been approximately 95%.
It is the best appraisal that wells drilled on the Forest Co.
Steffelbeam Lease have an excellent chance of being economically
productive. These leases give a drilling program a nice balance of
oil and natural gas production. Ideally we will see 20 barrels of
oil per day, initial production. Shallow wells go through a decline
curve after a short period of flush production and settle down to a
rate that may be maintained for many years. An old oil field axiom
states that a well will give up half its overall production within
the first year of production. With modern techniques of operating
the overall production rates can be greatly increased. It is quite
common for wells in this region to continue to operate economically
for (20) years or more after drilling. Of course this economical
life span is a factor to the price of being received for the oil
and natural gas.
About Bayport International Holdings, Inc.
Bayport International Holdings, Inc. is a company formed to exploit
the various precious minerals in the U.S. to acquaint the public
with practical investment opportunities in strategic metals and
minerals. Bayport International Holdings, Inc. is primarily focused
on precious metals, rare earth, and oil and gas ventures. Bayport
International Holdings, Inc. is developing mining and oil and gas
properties with economic potential with the aim of bringing such
properties to commercial production. The company's portfolio of
properties is primarily located in the prolific western USA in Utah
and Texas.
www.BayportInternational.com
Cautionary Note Regarding Forward-Looking Statements
This press release and the statements of representatives of Bayport
International Holdings, Inc. (the "Company") related thereto
contain, or may contain, among other things, "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements, other than statements of
historical fact included herein are "forward-looking statements,"
including any other statements of non-historical information. These
forward-looking statements are subject to significant known and
unknown risks and uncertainties and are often identified by the use
of forward-looking terminology such as "guidance," "projects,"
"may," "could," "would," "should," "believes," "expects,"
"anticipates," "estimates," "intends," "plans," "ultimately" or
similar expressions. All forward-looking statements involve
material assumptions, risks and uncertainties, and the expectations
contained in such statements may prove to be incorrect. Investors
should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company's actual results (including, without limitation,
Bayport's ability to advance its business, generate revenue and
profit and operate as a public company) could differ materially
from those stated or anticipated in these forward-looking
statements as a result of a variety of factors, including factors
and risks discussed in the periodic reports that the Company files
with OTC Markets (Pink Sheets). All forward-looking statements
attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these factors. The Company
undertakes no duty to update these forward-looking statements
except as required by law.
Investor Relations Contact:
Briggs Smith
813-438-5225
info@olibrigroup.com
Bayport (PK) (USOTC:BAYP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bayport (PK) (USOTC:BAYP)
Historical Stock Chart
From Apr 2023 to Apr 2024