Bayside Corporation Announces Renewal of Oil and Gas Lease in Tyler County, Texas
10 Avril 2012 - 4:56PM
Marketwired
BAYSIDE CORPORATION (PINKSHEETS: BYSD) today announced the renewal
of oil and gas leases in the Muscadine Field, located on 230 acres
in Tyler County Texas. The Muscadine Field has three existing wells
and the Company plans to drill one new well to complete in multiple
zones of the Wilcox formation. The field has accumulated production
of approximately 400,000 barrels of oil and 350 million cubic feet
of natural gas.
Gordon Johnson, the CEO of Bayside Corporation, states, "We are
pleased to announce the renewal of the Muscadine Lease, as the
Company grows its oil and gas reserves in the United States. This
Lease holds accumulated reserves that we will produce and take to
market starting this year. Initially we will permit and drill a new
well (the No. 2-R) as a replacement to the No. 2 well now on the
lease. The No. 2 well will be held for future use as a saltwater
disposal well. Once we have drilled and completed the new well we
will announce the results of the production level.
"The remaining two wells, the No. 3 and 4, are located on lands
of which the surface is controlled by the National Park Service.
Subsequent to the drilling operation we will file a Plan of
Operation with the National Park Service and upon approval the
Company will commence rework and/or re-completion operations on
these wells. After completing these operations the Company will
evaluate the lease for future possible additional drilling.
"Bayside Corporation owns 100% working interest in the Muscadine
Field and has a 70% net revenue interest for this lease.
"This is an excellent opportunity for Bayside to bring increased
production from this field to the market."
About Bayside
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
Bayside (PK) (USOTC:BYSD)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Bayside (PK) (USOTC:BYSD)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024