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Bayport International Holdings, Inc. Announces Update to Production Numbers for all four Wells in the PA Steffelbeam Interest
Bayport International Holdings, Inc. Announces Update to Production Numbers for all four Wells in the PA Steffelbeam Interest.
About this update from Bayport International Holdings, Inc.
[{"type":"text","content":"Bayport International Holdings, Inc. Announces Update to Production Numbers for all four Wells in the PA Steffelbeam Interest\nAugust 13, 2013\nTulsa OK. \nTulsa, OK, August 13, 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 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.\nIn 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. \nWe 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. \nThe company has no interest in selling shares into the market to raise money for these projects at this time.\nWe 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.\n \n Steffelbeam Lease Forrest County Pennsylvania:\n \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 ...