So BAYP is going to buy a lease with its $4.92 in cash on the books?
But just for the sake of pretending, let's pretend Porter has new "LeRoy Bucks". Ya know the ones from last Jun that never appeared in the OTC filings.
A preliminary agreement to acquire an oil rich property in Daniels Co. Montana has been signed, it would consist of a 3 well program focused on shallow drill.
Daniels is Shale oil. The ave Shale oil well, complete with fracs averages $9M/well to drill. More "LeRoy Bucks" please. Shallow drill? Nonsense. You don't drill shallow, and suddenly have shale oil gushing out of the ground. Much less extracted from the Shale. Apache drilled in Daniels county back in Feb 2014, and couldn't get enough flow for payback on the well cost. This was when WTI oil was at $90. WTI currently 47.73. Also the oil in this county is said to be "incomplete maturation". Probably bordering on Kerogen. Which needs subsequent processing, before it can be sold as oil. More "LeRoy Bucks" please.
We can expect the usual BAYP special. They will take their $4.92 (or imaginary "LeRoy Bucks"), and buy a lease (for FREE!) no one is interested in.
As of today we are in negotiations with several entities to participate or possible JV to acquire such leases.
Another BAYP Porter specialty. Pay a never stated amount for a 5% interest in some Ma&Pa well, trickling out 20 barrels/year. JV? Shameberg to the rescue?
Bayport owns several mineral and royalty interest in producing and non-producing wells, the following are some: Forest Co. Pennsylvania, Steffelbeam Lease.
Oh wow the ole Steffelmonger lease. This must be one of the many "non-producing" wells. Last Jul the PA Dept of Oil and Gas didn't have the required 2014 annual report for production from the Operator of the well. Seems there was nothing to report.
At least the Stefflemonger lease is consistent with the OTC filings. The Operator has no production to report to the State. And Porter never reports flow rates, production, ave cost per bbl, revenue received, net profit in the OTC filings. Non-producing (or plugged Okie wells) don't generate production.
Nacogdoches Co. Texas, Trawick Gas Field.
That's another good one. The original PR from 2013 announcing they had acquired (for FREE?)an interest in Trawick Gas Unit 21
operated by Exxon. Try searching for that lease name: Nacogdoches leases
Gee there doesn't seem to be any matches. Try Trawick Gas
as the search string, and up comes 11 hits. But good ole Unit 21 is again missing. Guess we should call this another "Non-producing" well? Seems Porter bought an interest in a Well subsequently retired by Exxon. This is assuming it ever existed. No wonder these "Non-producing" wells never have a cost associated with them.
Com'on Porter. You're going to have to do better than this for a P&D campaign.