Oil and Gas Option to Purchase Lease Acquired by Bayside Corporation in Duval County, Texas
15 Maggio 2012 - 4:13PM
Marketwired
BAYSIDE CORPORATION (PINKSHEETS: BYSD) an energy exploration,
development and production company today announced it has acquired
an option to purchase the Driscoll Foundation Lease in Duval
County, Texas. This project consists of a tract of 160-acres with a
possibility of acquiring an additional 480 acres located within the
Gruy Field. Four (4) productive wells were drilled on the tract,
all producing oil for the Lower Cole Sand at an approximate depth
of 2,500 feet. All of the wells are now plugged. An additional 22
wells were successfully drilled on the adjacent 480 acre tract.
Together the 26 wells produced 545,000 barrels of oil. The Company
believes there are additional development opportunities to extend
the field on this lease. Also, it is believed there are potential
shallower and deeper gas sand development opportunities. Wells
originally completed had initial production rates ranging as high
as 175 bopd. It is believed several wells can be drilled and should
produce at a minimum of 25 to 50 bopd. The first well to be drilled
is planned for the 2nd or 3rd quarter in 2012.
Bayside Corporation's CEO Gordon Johnson stated, "This is a
milestone for our Company as we continue to add known oil and gas
reserves to our portfolio of existing leases. Given the history of
the Gruy Lease and the 160 acres in this project we are excited
about the prospects for increased production here and we fully
expect to make an offer on the additional 480 acres later this
year. The Gruy Lease represents significant progress as we execute
our business plan in 2012, and we will continue to aggressively
seek out all possible acquisition opportunities that have the
potential to increase revenue to the Company and add shareholder
value going forward."
About Bayside Corporation (PINKSHEETS:
BYSD) 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 at:
http://baysidepetroleum.com/
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.
Media Contact: Ron Irwin Tel: 310-908-0889 eMail: Email Contact
Shareholder Relations Contact: Panorama Consultants (888-982-2008)
eMail: Email Contact
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