Bayport International Holdings, Inc. Signs Letter of Intent to
Purchase Interest in Five Oil Wells in Venango County,
Pennsylvania
Bayport International Holdings, Inc. Signs Letter of Intent to
Purchase Interest in Five Oil Wells in Venango County,
Pennsylvania
TULSA, OK--(Marketwired - Oct 17, 2013) - Bayport International
Holdings, Inc. (OTC Pink: 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 this 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 types 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 oil 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
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Bayport International Holdings, Inc. (the "Company") related
thereto contain, or may contain, among other things,
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