Bayport International Holdings, Inc. Announces Update to Production Numbers for all four Wells in the PA Steffelbeam Interest
August 13 2013 - 11:17PM
OTC Markets
Bayport International Holdings, Inc.
Announces Update to Production Numbers for all four Wells in the PA
Steffelbeam Interest
August 13, 2013
Tulsa OK.
Tulsa, OK, August 13, 2013 -- Bayport
International Holdings, Inc. (OTC Pink: BAYP). Today we announce
production numbers and update 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.
At this time we are producing 51.04
Barrels of oil per 24 hour period, from the first 4
wells. Production is
stable. We have 170.52 Barrels of oil in the tanks and 150 barrels
was sold on 8/13/2013.
We should see an increase in production in well #4 once the frac
water is completely removed.
In total, 250 Barrels of oil from the four
wells has been sold in the last two weeks. Ergon Oil Purchasing is our
exclusive oil purchaser. We are very pleased with the
performance of these wells, and anticipate further development of
this lease soon.
We are also exploring more oil & gas
leases. The company has identified several oil & gas fields
that have a very promising output of oil. As of today we are in
negotiations with several entities to participate and acquire such
leases to vastly increase our rate of revenue and to compile such
revenue to a substantial number in order for the company to become
more self-sufficient in capital purchasing. These acquisitions will
be announced in the very near future.
The company has no interest in selling
shares into the market to raise money for these projects at this
time.
We are very pleased at the new direction
Bayport International Holdings, Inc. has taken this year. With the
petroleum market at such a profitable rate and with an experienced
management in Oil & Gas industry, there is no doubt we have a
very bright future in mind for shareholders.
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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