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Bayport International Holdings, Inc. Signs Letter of Intent to Purchase Interest in Five Oil Wells in Venango County, Pennsylvania
Bayport International Holdings, Inc. Signs Letter of Intent to Purchase Interest in Five Oil Wells in Venango County, Pennsylvania.
About this update from Bayport International Holdings, Inc.
[{"type":"text","content":"\n \n \n Bayport International Holdings, Inc. Signs Letter of Intent to Purchase Interest in Five Oil Wells in Venango County, Pennsylvania\n \n \nBayport International Holdings, Inc. Signs Letter of Intent to Purchase Interest in Five Oil Wells in Venango County, Pennsylvania\n \n TULSA, OK--(Marketwired - Oct 17, 2013) - Bayport International Holdings, Inc. (OTC Pink: BAYP). Today we are pleased to announce the signing of a Letter of Intent to purchase an interest in 5 oil wells located in the Scott Lease, Venango County, Pennsylvania.\n The LOI is for the purchase of 15.0% WI and 11.25% NRI to be acquired in each of the five wells, permit numbers 1,2,3,4 and 5.\n The approximately 52 acre lease is on the Scott Lease north east of the town of Oil City, 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. 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 900-1300 ft., depending upon the elevation. \n 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 Pennsylvania 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 the internal combustion engine the primary usage for crude oil was as lamp oil and medicines. Soon after the finds in the Venango County area early drillers moved out into the surrounding counties of Butler, Bradford, Forest, and Warren of northwestern and central Pa. With the early technology available these drillers searched and found oil in the relatively shallow sandstone formations of the Venango Sands groups. Some of these early wells blew out at over 10,000 bbl. of oil per day. The drive that forced this oil out at such high rates was the natural gas that was also present. Before a market was found and pipelines were built much of this natural gas was wasted, be...