Green Mountain Development and Bayside Corp Sign Texas Oil Field Project Development Agreement
Green Mtn Dev Corp (PN) (USOTC:GMND)
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Today : Friday 6 January 2012
Green Mountain Development Corp (PINKSHEETS: GMND), announced today that it has entered into an Oil Field Project Development Agreement (the "Agreement") with Bayside Corp (PINKSHEETS: BYSD). The Bayside project opportunity was brought to GMND CEO, Robert Brehm, by a long time business associate who has followed the company's progress with energy related projects and its new affiliate network.
As part of this Agreement, Green Mountain has agreed to assist Bayside with certain preliminary development work including project due diligence, investor presentations, identification of project capital sources and technology vendors and negotiation of a joint venture (JV) agreement between investors and Bayside. Green Mountain will draw upon the resources of its affiliate partners to develop a JV agreement to progress the development of Bayside drilling leases from the acquisition stage to commercial production.
It is contemplated that the Joint Venture would include a series of gated and milestone driven investments by Green Mountain affiliates and the comprehensive terms and conditions governing the structure and the respective commercial interests of the JV parties. As part of its compensation for bringing all parties together, Green Mountain would have a participation in the Joint Venture.
Robert Brehm stated, "We are delighted to work closely with Bayside on this energy project and we believe we can bring capital and additional technology to the JV to help maximize project returns. Depending on the financial results, this could be the first step in many projects with Bayside and our affiliate partners."
Gordon Johnson, CEO of BYSD, commented, "We look forward to working with Green Mountain and fast tracking the rework of existing wells to full production and developing a future acquisition program to bring additional wells online."
About Green Mountain Development Corp
Green Mountain Development Corp provides project development services for capital providers and technology operators and distributes licensed products related to the energy, agricultural and environmental sectors.
Investors and media contact Robert Brehm at 619/488-3744 (email@example.com) or visit the corporate website www.GreenBizness.com for news and updates.
The information contained in this press release includes forward-looking statements. Forward-looking statements usually contain the words "estimate," "anticipate," "believe," "expect" or similar expressions that involve risks and uncertainties. These risks and uncertainties include the company's status as a development stage company with uncertain profitability, need for significant capital, uncertainty concerning market acceptance of its products, competition, limited service and manufacturing facilities, dependence on technological developments and protection of its intellectual property. The company's actual results could differ materially from those discussed herein.