DALLAS, July 31, 2013 /PRNewswire/ -- Bayside
Corporation (OTC: BYSD) an energy exploration, development and
production company Bayside Corporation announces that the Board of
Directors of the company in a meeting held February 25, 2013 authorized the dividend of its
wholly owned subsidiary, Bayside Petroleum Company, Inc., to its
shareholders as of February 28,
2013. Further, a Written Consent of a Majority of
Shareholders, with 82% of the voting stock voting in favor thereof,
approved this spin out.
The dividend will take place on August 1,
2013. The oil and gas properties will be retained by Bayside
Petroleum. Gordon H. Johnson will
assume the role of President and Chairman of the Board of Directors
of the company. Further, Mr. Johnson will also retain his
position as Chairman of Bayside Corporation.
Bayside Petroleum will issue shares of Common Stock to its
shareholders on a basis to be determined by the Board of Directors
at its next meeting.
The Chairman states that this move is being made in order to
allow Bayside Petroleum to continue with its business plan of
acquiring oil properties containing wells in need of reworking
and/or re-completion in zones known to be productive of oil behind
the pipe, and to further increase the value for the
shareholders.
About Bayside
Bayside Corporation is an energy exploration, development and
production company building oil & gas reserves and
production in some of the most prolific hydrocarbon bearing regions
of the United States. The Company
specializes in the business of reworking &
re-completing 'marginal' oil & gas wells located in the
thousands of mature oil & gas producing fields across much of
the United States.
For additional information on the Company visit our website:
http://baysidepetroleum.com
Safe Harbor Statement
This press release may contain projections and other
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Act of 1934, as amended, and are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Any such projections or statement reflect the
company's current views with respect to future events and financial
performance. No assurances can be given, however, that these events
will occur or that such projections will be achieved and that
actual results could differ materially from those projected.
Important factors that could cause actual results to differ from
those projected are decreases in oil and gas prices or decreases in
oil and gas production. The company's actual results could differ
materially from those discussed herein. Forward-looking
statements are subject to risks and uncertainties, including, but
not limited to, government regulation, taxation, spending,
competition, general economic conditions and other risk factors
which could cause actual results to differ materially from those
projected or implied in the forward-looking statements.
SOURCE Bayside Corporation