Green Mountain Development and Bayside Corp Sign Texas Oil Field Project Development Agreement
January 06 2012 - 10:00AM
Marketwired
Green Mountain Development Corp (PINKSHEETS: GMND), announced today
that it has entered into an Oil Field Project Development Agreement
(the "Agreement") with Bayside Corp (PINKSHEETS: BYSD). The Bayside
project opportunity was brought to GMND CEO, Robert Brehm, by a
long time business associate who has followed the company's
progress with energy related projects and its new affiliate
network.
As part of this Agreement, Green Mountain has agreed to assist
Bayside with certain preliminary development work including project
due diligence, investor presentations, identification of project
capital sources and technology vendors and negotiation of a joint
venture (JV) agreement between investors and Bayside. Green
Mountain will draw upon the resources of its affiliate partners to
develop a JV agreement to progress the development of Bayside
drilling leases from the acquisition stage to commercial
production.
It is contemplated that the Joint Venture would include a series
of gated and milestone driven investments by Green Mountain
affiliates and the comprehensive terms and conditions governing the
structure and the respective commercial interests of the JV
parties. As part of its compensation for bringing all parties
together, Green Mountain would have a participation in the Joint
Venture.
Robert Brehm stated, "We are delighted to work closely with
Bayside on this energy project and we believe we can bring capital
and additional technology to the JV to help maximize project
returns. Depending on the financial results, this could be the
first step in many projects with Bayside and our affiliate
partners."
Gordon Johnson, CEO of BYSD, commented, "We look forward to
working with Green Mountain and fast tracking the rework of
existing wells to full production and developing a future
acquisition program to bring additional wells online."
About Green Mountain Development Corp
Green Mountain Development Corp provides project development
services for capital providers and technology operators and
distributes licensed products related to the energy, agricultural
and environmental sectors.
Investors and media contact Robert Brehm at 619/488-3744
(bob@greenbizness.com) or visit the corporate website
www.GreenBizness.com for news and updates.
The information contained in this press release includes
forward-looking statements. Forward-looking statements usually
contain the words "estimate," "anticipate," "believe," "expect" or
similar expressions that involve risks and uncertainties. These
risks and uncertainties include the company's status as a
development stage company with uncertain profitability, need for
significant capital, uncertainty concerning market acceptance of
its products, competition, limited service and manufacturing
facilities, dependence on technological developments and protection
of its intellectual property. The company's actual results could
differ materially from those discussed herein.
Robert Brehm 619/488-3744 Email Contact
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