Prospect is located in Forest County, Pennsylvania
LAS VEGAS, NV, June 20, 2013 -- Bayport International Holdings, Inc. (OTC Pink: BAYP). Today we are pleased to announce the signing of contract to acquire 5.0% working Interest and 3.75% net revenue in a new drilling program in the Steffelbeam Lease, Forest County, Pennsylvania. The contract is for wells with permit numbers 3 and 4, which have been submitted to Pennsylvania Department of Environmental Protection (PA DEP).
Results of such will be updated in the next few weeks. We will also update our shareholders of the spud date and put updated pictures on our web site www.bayportinternational.com of the actual spud. Bayport plans on participating in several of many well projects in the Steffelbeam Lease program. We should have a final spud date on Drilling permit 3 and 4 on the Steffelbeam Lease in the next few weeks. We will produce BBL and other fact base data as we get it in. Spud data and drilling permits can be found at:
http://www.portal.state.pa.us/portal/server.pt/community/oil_and_gas_reports/20297
Bayport International Holdings, Inc. is on an aggressive plan with focus on the Oil & Gas Energy acquisitions of leasehold, mineral interest and royalties to further our shareholder value and revenue streams. We are in final completion stages of our Gaines County Texas prospect as well. We are in completion stages of the Milford Lease drilling program, permit numbers, 38,39,30,68 each well constitutes a 5.0% working interest and a 3.75% net revenue. The past press releases of Jones, Nacogdoches County Texas and the Mississippi Pike County Interest will have a full update and listed under our projects page in our website this month. Feel free to call or email us with any questions.
This will bring the shareholders and company a direct revenue stream from Interest in six wells with a 3.75% share of the net revenue in each of the Milford and Steffelbeam lease in Forest County Pennsylvania and interest in wells that are in current production in Jones, Pike and Nacogdoches County Texas.
Milford Lease Forrest County Pennsylvania:
The location Forest County, Pennsylvania is east of the town of Titusville, Pa. This area has always been prolific in the production of oil and natural gas. The preliminary target zones for wells on this lease will be the 1st Sands, 2nd Sands, 3rd Sands, and Red Valley Formations. These oils and gas bearing formations are found throughout this immediate area and historically have been good producers. All zones should be encountered at drilling depths of approximately 1100-1300 ft., depending upon the elevation. Well records found in the vicinity show the presence of these formations on and near the lease. This lease is off-set on all sides by operating oil and gas wells, owned and operated by various independent operators.
Some of these early wells blew out at over 10,000 bopd of oil per day. The drive that forced this oil out at such high rates was the natural gas that was also present. Before a market was found and pipelines were built much of this natural gas was wasted, being vented or flared to atmosphere. The intense market demand for crude oil created a boomtown history that rivaled anything in the gold fields of California. Spin-off industries such as transportation, refining and paraffin extraction created a job basis that lasts today. Up until the mid-1930's this region of Pa. was the world's leading exporter of oil. The majority of these early wells were drilled to a depth less that 3000 ft. Success rate of wells drilled in this known region of Pa. has been approximately 95%.
It is the best appraisal that wells drilled on the Forest Co. Milford Lease have an excellent chance of being economically productive. These leases give a drilling program a nice balance of oil and natural gas production. Ideally we will see 20 barrels of oil per day, initial production. Shallow wells go through a decline curve after a short period of flush production and settle down to a rate that may be maintained for many years. An old oil field axiom states that a well will give up half its overall production within the first year of production. With modern techniques of operating the overall production rates can be greatly increased. It is quite common for wells in this region to continue to operate economically for (20) years or more after drilling. Of course this economical life span is a factor to the price of being received for the oil and natural gas.
Steffelbeam Lease Forrest County Pennsylvania:
The Steffel Beam Lease is directly adjacent from the Milford Lease Forrest County Pennsylvania. And thus has all the same shale and play potential. The location Forest County, Pennsylvania is east of the town of Titusville, Pa. This area has always been prolific in the production of oil and natural gas. The preliminary target zones for wells on this lease will be the 1st Sands, 2nd Sands, 3rd Sands, and Red Valley Formations. These oils and gas bearing formations are found throughout this immediate area and historically have been good producers. All zones should be encountered at drilling depths of approximately 1100-1300 ft., depending upon the elevation. Well records found in the vicinity show the presence of these formations on and near the lease. This lease is off-set on all sides by operating oil and gas wells, owned and operated by various independent operators.
Some of these early wells blew out at over 10,000 bopd of oil per day. The drive that forced this oil out at such high rates was the natural gas that was also present. Before a market was found and pipelines were built much of this natural gas was wasted, being vented or flared to atmosphere. The intense market demand for crude oil created a boomtown history that rivaled anything in the gold fields of California. Spin-off industries such as transportation, refining and paraffin extraction created a job basis that lasts today. Up until the mid-1930's this region of Pa. was the world's leading exporter of oil. The majority of these early wells were drilled to a depth less that 3000 ft. Success rate of wells drilled in this known region of Pa. has been approximately 95%.
It is the best appraisal that wells drilled on the Forest Co. Steffelbeam Lease have an excellent chance of being economically productive. These leases give a drilling program a nice balance of oil and natural gas production. Ideally we will see 20 barrels of oil per day, initial production. Shallow wells go through a decline curve after a short period of flush production and settle down to a rate that may be maintained for many years. An old oil field axiom states that a well will give up half its overall production within the first year of production. With modern techniques of operating the overall production rates can be greatly increased. It is quite common for wells in this region to continue to operate economically for (20) years or more after drilling. Of course this economical life span is a factor to the price of being received for the oil and natural gas.
About Bayport International Holdings, Inc.
Bayport International Holdings, Inc. is a company formed to exploit the various precious minerals in the U.S. to acquaint the public with practical investment opportunities in strategic metals and minerals. Bayport International Holdings, Inc. is primarily focused on precious metals, rare earth, and oil and gas ventures. Bayport International Holdings, Inc. is developing mining and oil and gas properties with economic potential with the aim of bringing such properties to commercial production. The company's portfolio of properties is primarily located in the prolific western USA in Utah and Texas.
Cautionary Note Regarding Forward-Looking Statements
This press release and the statements of representatives of Bayport International Holdings, Inc. (the "Company") related thereto contain, or may contain, among other things, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including any other statements of non-historical information. These forward-looking statements are subject to significant known and unknown risks and uncertainties and are often identified by the use of forward-looking terminology such as "guidance," "projects," "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "ultimately" or similar expressions. All forward-looking statements involve material assumptions, risks and uncertainties, and the expectations contained in such statements may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results (including, without limitation, Bayport's ability to advance its business, generate revenue and profit and operate as a public company) could differ materially from those stated or anticipated in these forward-looking statements as a result of a variety of factors, including factors and risks discussed in the periodic reports that the Company files with OTC Markets (Pink Sheets). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.
Investor Relations Contact:
Briggs Smith
813-438-5225
SOURCE Bayport International Holdings, Inc.