TULSA, OK, July 29, 2013 -(eTeligis via ACCESSWIRE)- Bayport International Holdings, Inc. (OTC Pink: BAYP). Today we announce updates to the previously announced contract for 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 1, 2, 3 and 4, which have been submitted to Pennsylvania Department of Environmental Protection (PA DEP) and approved.
Current activity as of July 26th, 2013 on the well site is as follows:
Steffelbeam Well 1 drilled and casing set and cemented, tubing and rods have been ran. Fracking took 11 stages over 9 hours and had oil shows during the job.
Steffelbeam Well 2 drilled and casing set and cemented, Fracking was also done on this well, completed on Friday. This was also an 11 stage frack, and the geologic samples showed good or great shows of oil in 4 out of 6 formations.
Steffelbeam Well 3 drilled and casing set and cemented. The service rig from Well 2 was moved into place for this well.
Steffelbeam Well 4 is still being drilled, and casing has been set and cemented.
We logged the Steffelbeam #1 earlier today and picked up all the formations as expected with an unexpected additional formation called the Venango 1st Sands which we thought was not present in this area (we are testing this zone to ensure it is an Oil bearing formation).
We have a geologist on location with these wells pulling samples and testing under black light as we drill through all the formations.
The Frac Schedule is as follows:
Steffelbeam #3 Monday 7/29/13
Steffelbeam #4 Wednesday 7/31/13
Spud data and drilling permits as they become available can be found at:
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.
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.
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SOURCE: Bayport International Holdings, Inc.