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Bayport International Holdings, Inc. Announces Update to Production Numbers for the Steffelbeam lease in Forest County, PA.
Bayport International Holdings, Inc. Announces Update to Production Numbers for the Steffelbeam lease in Forest County, PA..
About this update from Bayport International Holdings, Inc.
[{"type":"text","content":"Bayport International Holdings, Inc. Announces Update to Production Numbers for the Steffelbeam lease in Forest County, PA.\nAugust 28, 2013\nTulsa OK. \nTulsa, OK, August 28, 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 five loads of 153 barrels each have been sold off and another load expected at the end of August.\nIn total, approximately 765 Barrels of oil from the four wells has been sold in the last several weeks in August. 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. \nAt this time the company has no foreseeable reason to raise the authorized shares and intends to take steps to decrease current share structure.\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 area has always been prolific in the production of oil and natural gas. The preliminary target zones for wells on this lease will be ...