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Bayport International Holdings, Inc. Announces New Acquisitions & Beginning of Production.
Bayport International Holdings, Inc. Announces New Acquisitions & Beginning of Production..
About this update from Bayport International Holdings, Inc.
[{"type":"text","content":"Bayport International Holdings, Inc. Announces New Acquisitions & Beginning of Production.\nPR Newswire\nTulsa Oklahoma, July 9, 2013\nTulsa Oklahoma, July 9, 2013 /PRNewswire/ -- Bayport International Holdings, Inc. (OTCPINK: BAYP). Today we are pleased to announce production in Gaines County, Texas and interest in two new wells in Forest County, Pennsylvania. \nGaines County, Texas, the Peck A (1x) Lease has gone into production. According to the operator, CTL Oil and Gas, we have gone into full production on the Peck A (1x) Lease. We should get reports of average production numbers within the next few weeks. There are active plans to rework the Peck B Lease in the near future.\nOn July 28, 2011, the Company entered into an agreement with Rio Rancho Oil & Gas Resources, a Texas oil & gas company (\"Rio Rancho\"). Pursuant to that agreement, Bayport acquired a 3.5% leasehold; a non-participating working interest in wells obtained by Rio Rancho through leasehold. The nonparticipating working interest does not require that the Company fund, in any way, production of the wells, only receive revenues. .\nThe wells are located within Section 372, Block \"G\", Gaines County, Texas. The Peck \"A\" lease covers 320 acres, and in December of 2002 had a production rate of 7,256 barrels per month. This can be verified on the Texas Railroad Commission, link http://www.rrc.state.tx.us/data/online/gis/index.php#. This first well is expected to resume producing from the existing 11,000 foot depth. The second well will be re-worked at the 3,500 foot depth to test the San Andres zone. Wells directly adjacent to the south of this property have produced 400 BOPD from the San Andres zone, although same in no way guarantees the same production from the wells in which the Company has an interest. \nThe first well within the Peck \"A\" lease produced 92,536 barrels from September 2002 to November 2006, before becoming inactive for non-operational reasons. The northeast section of the area contains a Gas Gathering line. \nOffset production leasehold has become a major source of income and exploration in the oil and gas industry. Bayport International Holdings, Inc. & Rio Riata Oil & Gas Resources owns an additional 160 acres Leasehold within the area. Rio Riata Oil & Gas Resources are in various stages of acquiring additi...