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Bayport International Holdings, Inc. Announces Production Numbers and Well 4 Update for PA Steffelbeam Interest
Bayport International Holdings, Inc. Announces Production Numbers and Well 4 Update for PA Steffelbeam Interest.
About this update from Bayport International Holdings, Inc.
[{"type":"text","content":"Bayport International Holdings, Inc. Announces Production Numbers and Well 4 Update for PA Steffelbeam Interest\nAugust 8, 2013\nTulsa OK. \nTulsa, OK, August 8, 2013 -- Bayport International Holdings, Inc. (OTC Pink: BAYP). Today we announce production numbers and update 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.\nAt this time we are producing 1.9 Barrels of oil per HOUR, or 45.6 Barrels of oil per day from the first 3 wells. Production has gone up 3 barrels per day per well over the last couple of days. Well #4 frac was completed on Wednesday. There was a flowback of oil on all formations including the Fourth Sands. We anticipate production from this well to begin on Monday if not sooner. Tubing and rods were inserted, and we anticipate the pumping unit should be online no later than today.\n150 Barrels of oil from the first three wells were sold this week. Ergon Oil Purchasing is our exclusive oil purchaser. We are very pleased with the performance of these wells, and anticipate Well #4 production numbers in the very near future. \n \nSteffelbeam Lease Forrest County Pennsylvania:\nThe 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.\nSome of these early wells blew out at over 10,000 bopd of...