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Bayport International Holdings, Inc. acquires new interest in two more wells to be drilled in Pennsylvania
Bayport International Holdings, Inc. acquires new interest in two more wells to be drilled in Pennsylvania.
About this update from Bayport International Holdings, Inc.
[{"type":"text","content":"\n\n\n\n\n\n\n\nBayport International Holdings, Inc. acquires new interest in two more wells to be drilled in Pennsylvania\n\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:\"0in\";\n}\n\n\n\n\n\n\n\n\n\n\nBayport International Holdings, Inc. acquires new interest in two more wells to be drilled in Pennsylvania\n\nPR Newswire\n\nLAS VEGAS, May 29, 2013\n\n\n\n\n\n\n\n\n\n\n \n \n\n\nLAS VEGAS, May 29, 2013 /PRNewswire/ -- Bayport International Holdings, Inc. (OTCPINK: BAYP). Today we are pleased to announce the signing of a Contract to purchase an interest in 2 oil wells to be drilled in the Milford Lease, Forest County, Pennsylvania. Drilling Permit numbers 38 and 39 have been issued as per Pennsylvania Department of Environmental Protection (PA DEP). \n\n\nThe interest is for 5.0% Working Interest and 3.75% Net Revenue Interest to be acquired in each of the two wells. This is the net revenue that the company is seeking and will compound on. The aggressive oil and gas program that has been instituted in 2013 is already starting to see a new company vitalized and diversity brought to shareholders. Spud date and production logs will be available shortly. \n\n\nThe 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.\n\n\n\nPennsylvania 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 co...