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Bayport International Holdings, Inc. signs Letter of Intent to purchase Interest in Oil Wells in Pennsylvania
Bayport International Holdings, Inc. signs Letter of Intent 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. signs Letter of Intent 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. signs Letter of Intent to purchase Interest in Oil Wells in Pennsylvania\n\nPR Newswire\n\nLAS VEGAS, Feb. 26, 2013\n\n\n\n\n\n\n\nLAS VEGAS, Feb. 26, 2013 /PRNewswire/ -- Bayport International Holdings, Inc. (OTCPINK: EXTO). Today they are pleased to announce the signing of a Letter of Intent to purchase an interest in 2 oil wells located in the Milford Lease, Forest County, Pennsylvania.\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 the internal combustion engine the primary usage for crude oil was as lamp oil and medicines. Soon after the finds in the Forest County area early drillers moved out into the surrounding counties of Butler, Bradford, Vanango, 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. \n\n\nSome of these early wells b...