Business
Bayport International Holdings, Inc. Announces the Signing of Contract to Purchase Interest in the Fogle Lease Five Well Oil Gas Lease Prospect
Bayport International Holdings, Inc. Announces the Signing of Contract to Purchase Interest in the Fogle Lease Five Well Oil Gas Lease Prospect.
About this update from Bayport International Holdings, Inc.
[{"type":"text","content":"\n \n \n Bayport International Holdings, Inc. Announces the Signing of Contract to Purchase Interest in the Fogle Lease Five Well Oil Gas Lease Prospect\n \n \nBayport International Holdings, Inc. Announces the Signing of Contract to Purchase Interest in the Fogle Lease Five Well Oil Gas Lease Prospect\n \n TULSA, OK--(Marketwired - Feb 20, 2014) -  Bayport International Holdings, Inc. (OTC Pink: BAYP) -- Bayport International Holdings is pleased to announce the signing of contract to acquire 5.0% working interest and 3.75% net revenue in each of the five wells in a new drilling program in the Fogle Lease, Forest County, Pennsylvania. The contract is for wells numbered 13, 14, 15, 16, and 17, which are permitted with the Pennsylvania Department of Environmental Protection (PA DEP).\n Drilling permits may be found at the Official State of Pennsylvania website or directly by following the link below.\n http://www.portal.state.pa.us/portal/server.pt/community/oil_and_gas_reports/20297\n The Fogle Lease is north 2,500' from the Steffelbeam Lease. The Fogle Lease had one well drilled by Quaker State in the late 70s and/or early 80s, and we do have knowledge that the one well drilled was to the 2nd sands, leaving the 3rd and 4th sands untouched. Very recently a test well was drilled on the Fogle Lease to confirm that all the Venango formations are present. \n Bayport International Holdings is currently a 5% WI / 3.75% NRI holder in the Stefflebeam Lease and we are very pleased with the performance of the Steffelbeam lease to date. The Fogle wells are anticipated to be in full production within the next 30 days and updates with regards to the site activity and photographs of the drilling site will be found on our company website as soon as the driller begins. Production numbers and other factual data will also be supplied via our website, as we receive it.\n The following is a geology report for the Fogle Lease located in Forest Co., Pa. This approximate 67 acres on the Fogle Lease is located northeast of the town of Titusville, Pa. This area has always been prolific in the production of oil and natural gas. The preliminary target zone for wells on this lease will be the Venango sands. The Venango Sands formations are the Red Valley, Lytle, 1st Sands, 2nd Sands, 3rd Sands Stringer, 3rd Sands and 4th Sands. Thes...