Bayport International Holdings, Inc. signs Letter of Intent to purchase Interest in Five Oil Wells in Venango County, Pennsyl...
October 17 2013 - 10:13AM
OTC Markets
Bayport
International Holdings, Inc. signs Letter of Intent to purchase
Interest in Five Oil Wells in Venango County,
Pennsylvania
Tulsa, OK October 17, 2013 /PRNewswire/-- Bayport International
Holdings, Inc. (OTCPINK: BAYP). Today we are pleased to announce
the signing of a Letter of Intent to purchase an interest in 5 oil
wells located in the Scott Lease, Venango County,
Pennsylvania.
The LOI is for the purchase of 15.0% WI and
11.25% NRI to be acquired in each of the five wells, permit numbers
1,2,3,4 and 5.
The approximately 52 acre lease is on the
Scott Lease north east of the town of Oil City, Pa. This area has
always been prolific in the production of oil and natural gas. The
preliminary target zone for wells on this lease will be the Venango
sands. The Venango Sands formations are the Red Valley, Lytle, 1st
Sands, 2nd Sands, 3rd Sands Stringer, 3rd Sands and 4th Sands.
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 900-1300
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.
Pennsylvania has been acknowledged as the
birth-place of the oil and gas industry since Edwin Drake drilled
the first commercial oil well near Titusville in 1859. Prior to the
invention of the internal combustion engine the primary usage for
crude oil was as lamp oil and medicines. Soon after the finds in
the Venango County area early drillers moved out into the
surrounding counties of Butler, Bradford, Forest, and Warren of
northwestern and central Pa. With the early technology available
these drillers searched and found oil in the relatively shallow
sandstone formations of the Venango Sands groups. Some of these
early wells blew out at over 10,000 bbl. 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 reviled anything in the gold fields of
California. Spin-off industries such as transportation, refining
and paraffin extraction created a job bases 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%. Drilled and
production operations have continued in this region. The factor for
drilling activity in this region has always been the market value
of the oil and gas. The lowest risk and greatest potential from
drilling successful wells is to pursue development drilling
activities. This is to drill new wells within the proven boundaries
of previous activity
The target production for oil and gas in
western Pennsylvania is the Upper Devonian sediments in the
Appalachian Basin. These blanket like productive zones extend in a
range in northeast-southwest zone extending from western New York
into western Pa., eastern Ohio, and West Virginia. These
depositional sediments are a result of erosion of mountain ranges
to the east and near shore beach and shallow sea environments that
existed during the Devonian Age, approximately 400 million years
ago. These shallow sea depositions are known as the Chemung Facies.
The shallow sea that existed at that time teemed with flora and
fauna, whose decomposed bodies would eventually, under time and
pressure, become the petroleum we seek today.
During this time of geological chaos these
was a continuing uplift and with pressures exerted by colliding
landmasses these shallow water sediments were compressed into the
sandstone reservoir formations that contain the petroleum reserves.
Layers of other type of impermeable rocks were subsequently
deposited and acted as a cap rocks to help trap the petroleum
within the sediments. This process was repeated many times thus
creating an almost layer-cake effect of multiple producing zones of
porous sedimentary, petroleum bearing formations, trapped within
more impermeable formations of shale, chert, or limestone. It is
these lenticular, multiple layered zones of sandstone from which
old and gas is found. Within these shallow multiple sandstone
formations are found over 500 oil and gas fields, which have
produced, over time, 1.3 billion barrels of oil and 9 trillion
cubic feet of gas.
With the rare exception, the days of the big
gushers are a thing of the past. While most of the oil and gas
remains trapped in the reservoir rock the easy production was
obtained and in many cases historically squandered. Drilling and
production methods of the early days were to drill to the targeted
formation and either produce the wells through natural flow or
stimulate the formation by setting off charges of nitroglycerine.
Availability of extractible petroleum is a function of porosity,
permeability, and size of the formation. (See Terms and
Definitions) Modern techniques in drilling, logging, and hydro
fracturing can help to maximize return returnable
production
Company & Shareholder
Structure:
The company understands the creditability
and responsibility to maintain an adequate share structure and
build a strong shareholder base. With this in mind and the obvious
steps that Bayport International Holdings, Inc. is taking to become
SEC Fully Reporting and up list to a higher standard of trading for
our shareholders. We will not raise the Authorized Capital in
2013.
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 USA in Utah, Texas and
Pennsylvania.
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
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