TULSA,
OK, July 29, 2013 -- Bayport
International Holdings, Inc. (OTC Pink: BAYP). Today we
announce
updates
to the previously announced contract for 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,
2, 3
and 4, which have been submitted to Pennsylvania Department of
Environmental Protection (PA DEP) and
approved.
Current
activity as
of July 26th,
2013 on
the well site is as follows:
Steffelbeam Well
1 drilled and casing set and cemented, tubing and rods
have been ran.
Fracking
took
11 stages over 9 hours and had oil shows during the job.
Steffelbeam Well
2 drilled and casing
set and cemented, Fracking
was
also done on this well, completed on Friday. This was also an
11 stage frack,
and the geologic samples showed good or great shows of oil in 4 out
of 6 formations.
Steffelbeam Well
3 drilled and casing set and cemented. The
service rig from Well 2 was moved into place for this
well.
Steffelbeam Well
4 is still being drilled, and casing
has
been set and
cemented.
We logged the
Steffelbeam #1 earlier today and picked up all the formations as
expected with an unexpected additional formation called the Venango
1st Sands which we thought was not present in this area (we are
testing this zone to ensure it is an Oil bearing
formation).
We have a
geologist on location with these wells pulling samples and testing
under black light as we drill through all the
formations.
The
Frac
Schedule is as
follows:
Steffelbeam #3
Monday 7/29/13
Steffelbeam
#4
Wednesday 7/31/13
Spud
data and drilling permits as
they become available 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 final completion stages of our Gaines County
Texas prospect as well. 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.
Steffelbeam Lease Forrest County Pennsylvania:
The
Steffel
Beam
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
SOURCE:
Bayport
International Holdings, Inc.
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