Bayport International Holdings, Inc. has finalized the Letter of Intent by
management signing the contract to purchase Interest in Oil Wells in
LAS VEGAS, March 22, 2013
LAS VEGAS, March 22, 2013 /PRNewswire/ --Bayport International Holdings, Inc.
PINKSHEETS: EXTO. Today we are pleased to announce the signing of a contract
to purchase 5.0% working interest and 3.75 net revenue interest in each well
number 44 and well number 45 located in the Milford Lease, Forest County,
Pennsylvania. Wells number 44 and 45 are to be drilled 3/22/2013 and
production log reports will become available to our shareholders as soon as we
get them. We would like to report the wells number 42 and 43 on the milford
lease went into production in March of 2013 and currently are producing 40
bbls per day.
The interest is for 5.0% WI and 3.75% to be acquired in each of the two wells,
the location Forest County, Pennsylvania is located 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 1^st Sands, 2^nd Sands, 3^rd 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.
Pennsylvania has been acknowledged as the birth-place of the oil and gas
industry since Edwin Drake drilled the first commercial oil well near
Titusville in 1859. Prior to the invention of the internal combustion engine
the primary usage for crude oil was as lamp oil and medicines. Soon after the
finds in the Forest County area early drillers moved out into the surrounding
counties of Butler, Bradford, Vanango, and Warren of northwestern and central
Pa. With the early technology available these drillers searched and found oil
in the relatively shallow sandstone formations of the Venango Sands groups.
Some of these early wells blew out at over 10,000 bbl. 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 reviled anything
in the gold fields of California. Spin-off industries such as transportation,
refining and paraffin extraction created a job bases 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
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 a
20 bbl. oil per day (bopd), initial production, can return in approximately
3000 bbl. of oil in the first 24 months. A 20 MCF per day gas well can produce
approximately 10 MMCF over a similar period of time. 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.
At the time of this report oil is $90/barrel on the world market and natural
gas is approx. $3.50/MCF. When feasible a natural gas contact can be obtained
through industrial buyers that enhance the price paid.
It is imperative that all prudent oil field operations as to drilling,
completing, and operating of these wells be observed. All potential producing
formations should be evaluated, not only for the presence of oil and gas but
also to avoid any excess bring production. It is my opinion that with the
nature of off-set drilling success rates, known production zones, relatively
low cost to drill and operate, and the high price being currently paid for the
end product of oil and gas, wells drilled on the Milford Lease have an
excellent change of being financially successful.
Drilling Operator: Coastal Petroleum Corporation "CPC", an independent
producer of crude oil and natural gas, licensed by the State of Pennsylvania
as an oil and gas operator and Turnkey Driller. CPC is actively involved in
drilling activities within the state of Pennsylvania, USA. CPC has over 50
years of experience in the oil and Gas business
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:
SOURCE Bayport International Holdings, Inc.
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