These are some more possible aquisitions and the list goes on and on.
With the country coming out of the recession large investors are now looking to invest again. So we may have several aquissition deals to follow BRZL.
The Company's Option Properties consist of the following:
TEXAS
Coleman County Field
This prospect is located in Coleman County and covers a broad area in which numerous formations have produced considerable oil and gas. Our consulting geoscientist has developed a prospect to re-enter/drill wells into the Barnett Shale formation, which is indicated to be productive of oil and gas. This formation is the focus of the largest gas development play currently in the U.S. An associate company has started to acquire oil and gas leases over a portion of the prospect with plans to lease additional lands as funds are available. There are several wells that previously produced oil and/or gas on the leases that can be re-completed in the Barnett Shale at a depth of 3,700'. Expected initial daily production ranges between 50 to 100 bopd and 300 to 500 mcfgpd per well. The Company expects to participate as to a 25% interest.
Loma Novia Field
This prospect is located in Duval County on an 80-acre tract and is currently held by production for wells on another tract that was part of the original 1925 lease. In the 1960's Texaco drilled 5 wells on the tract and completed in 2 separate zones of the Loma Novia (Hockley) formation. These wells accumulated 164,000 barrels of oil, being 33,000 per well average. In 1996 Alco Drilling Co. drilled a well and set casing at the depth of 2,660'. Afterwards, the owner became ill, later died and the well was never completed. An analysis of cores taken in the well and the electric log indicate there are 7 zones productive of oil and/or gas ranging from 1,400' to 2,600'. The Company believes this well, and any new wells or re-entries on the tract should be productive. The Company expects daily production from the Loma Novia sands in the range of 30 to 75 bopd.
Gruy Field
This project is located in Duval County and consists of a tract of 640-acres. Twenty-six (26) productive wells were drilled on the tract, all producing oil for the Lower Cole Sand at an approximate depth of 2,500'. All of the wells are now plugged. The Company believes there are additional development opportunities to extend the field on this lease. Also, it is believed there are potential deeper gas sand development opportunities
MISSISSIPPI
Baxterville Field
Bayside has an option to acquire a 10% interest in a lease in this prolific field located in Lamar County. The lease contains 4 wells, 3 production wells and 1 disposal well. The lease has produced from the Tuscaloosa Sand at a depth of 8,000' from these wells. Bayside and its associates will initially test one well utilizing a high volume pump in order to obtain a larger fluid rate. On last production tests the wells produced 200 barrels of fluid with a 5-7% oil cut. Historically moving larger amounts of fluid have increased the oil cut from similar reservoirs and Bayside plans to produce fluid at rates of 1,500-2,000 barrels per day per well and expects oil recoveries in the range of 300 to 400 bopd.
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