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Bayport International Holdings, Inc. has finalized the Letter of Intent by management signing the contract to purchase Interest in Oil Wells in Pennsylvania.
Bayport International Holdings, Inc. has finalized the Letter of Intent by management signing the contract to purchase Interest in Oil Wells in Pennsylvania..
About this update from Bayport International Holdings, Inc.
[{"type":"text","content":"\n\n\n\n\n\n\n\nBayport International Holdings, Inc. has finalized the Letter of Intent by management signing the contract to purchase Interest in Oil Wells in Pennsylvania.\n\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:\"0in\";\n}\n\n\n\n\n\n\n\n\n\n\nBayport International Holdings, Inc. has finalized the Letter of Intent by management signing the contract to purchase Interest in Oil Wells in Pennsylvania.\n\nPR Newswire\n\nLAS VEGAS, March 22, 2013\n\n\n\n\n\n\n\nLAS VEGAS, March 22, 2013 /PRNewswire/ -- Bayport International Holdings, Inc. PINKSHEETS: EXTO. Today we are pleased to announce the signing of a contract to purchase 5.0% working interest and 3.75 net revenue interest in each well number 44 and well number 45 located in the Milford Lease, Forest County, Pennsylvania. Wells number 44 and 45 are to be drilled 3/22/2013 and production log reports will become available to our shareholders as soon as we get them. We would like to report the wells number 42 and 43 on the milford lease went into production in March of 2013 and currently are producing 40 bbls per day.\n\n\nThe interest is for 5.0% WI and 3.75% to be acquired in each of the two wells, the location Forest County, Pennsylvania is located 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.\n\n\n\nPennsylvania has been acknowledged as the birth-place of the oil and gas industry since Edwin Drake drilled the first commercial oil well near Titusville in 1859. Prior to the invention of th...