Renewal of Oil & Gas Lease Announced by Bayside Corporation in Lamar County, Mississippi
03 Octubre 2012 - 9:56AM
Marketwired
BAYSIDE CORPORATION (PINKSHEETS: BYSD), an energy exploration,
development and production company, announces the renewal of oil
and gas leases on its Baxterville Field Prospect in Lamar County,
Mississippi. The leases consist of 4 wells, being 3 production
wells and 1 saltwater disposal well. The 3 production wells are
productive of oil from the Tuscaloosa formation at the approximate
depth of 8,750 feet. The wells on the lease have accumulated in
excess of 100,000 barrels of oil and it is estimated that the lease
will produce an additional 475,000 barrels of oil. Tests run prior
to 2009 indicated a 5% oil cut in the produced fluid. The Company
plans to install a high volume pumping facility on the initial well
in order to produce in excess of 1,000 barrels of fluid per day,
which should bring a minimum of 50 barrels of oil per day although
it is anticipated that the increase in the daily fluid volume will
also increase the percentage oil cut in the produced fluid.
The Company has just completed the renewal of plugging bonds
with the State of Mississippi in the amount of $80,000 and is
anticipating the commencement of reworks on the 3 existing
production wells to occur prior to the end of 2012.
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.
Contact Information: Shareholder Relations Contact: Vitello
Communications 786.375.0556
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