Bayport International Holdings, Inc. Announces Update to Production Numbers for all four Wells in the PA Steffelbeam Interest
ACCESS Newswire
Tulsa, OK - 8/14/2013 6:15:00 AM - Bayport International Holdings, Inc. (OTC PINK: BAYP): Today we announce production numbers and update 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.
At this time we are producing 51.04 Barrels of oil per 24 hour period, from the first 4 wells. Production is stable. We have 170.52 Barrels of oil in the tanks and 150 barrels was sold on 8/13/2013. We should see an increase in production in well #4 once the frac water is completely removed.
In total, 250 Barrels of oil from the four wells has been sold in the last two weeks. Ergon Oil Purchasing is our exclusive oil purchaser. We are very pleased with the performance of these wells, and anticipate further development of this lease soon.
We are also exploring more oil & gas leases. The company has identified several oil & gas fields that have a very promising output of oil. As of today we are in negotiations with several entities to participate and acquire such leases to vastly increase our rate of revenue and to compile such revenue to a substantial number in order for the company to become more self-sufficient in capital purchasing. These acquisitions will be announced in the very near future.
The company has no interest in selling shares into the market to raise money for these projects at this time.
We are very pleased at the new direction Bayport International Holdings, Inc. has taken this year. With the petroleum market at such a profitable rate and with an experienced management in Oil & Gas industry, there is no doubt we have a very bright future in mind for shareholders.
Steffelbeam Lease Forrest County Pennsylvania:
The SteffelBeam 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.
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.
