Acquisition of Oil and Gas Lease to Produce Oil Reserves in South Texas Announced by Bayside Corporation
18 Avril 2012 - 4:04PM
Marketwired
BAYSIDE CORPORATION (PINKSHEETS: BYSD) an
energy exploration, development and production company building oil
& gas reserves announces the acquisition of an oil and gas
lease covering the Moody and West wells in Duval County, Texas.
Bayside, acting through its wholly owned subsidiary, has
acquired 100% of oil and gas leases covering 181 acres and the
existing 7 wells situated on the property. The wells have
previously produced oil from Jackson Series sands (Government Wells
and Loma Novia zones) between depths of 2,200' and 2,400'. The
wells were shut-in when the previous operator passed away and have
been sitting dormant since. The Company plans to rework and/or
re-complete each well and return them to commercial production of
oil. The lease may also afford the opportunity to drill additional
development wells in the future on the property.
Gordon Johnson, the CEO of Bayside Corporation, stated, "This
lease is adjacent to existing oil leases owned by the Company in
Duval County and fits nicely into its ongoing rework and
re-completion program. Work is planned to commence on the existing
wells during the second quarter of this year. As we bring the wells
on line and into production and the results become available we
will be announcing the results of our efforts. Bayside Corporation
is pleased to participate in the future cash flow from these
properties."
About Bayside
Bayside Corporation (PINKSHEETS: BYSD) 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/
Forward-Looking Statement: 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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