Wednesday, April 18, 2012 10:47:35 AM
(PINKSHEETS: BYSD) an energy exploration, development and production company
building oil & gas reserves announces the acquisition of an oil and gas lease
covering the Moody and West wells in Duval County, Texas.
Bayside, acting through its wholly owned subsidiary, has acquired 100% of oil
and gas leases covering 181 acres and the existing 7 wells situated on the
property. The wells have previously produced oil from Jackson Series sands
(Government Wells and Loma Novia zones) between depths of 2,200' and 2,400'. The
wells were shut-in when the previous operator passed away and have been sitting
dormant since. The Company plans to rework and/or re-complete each well and
return them to commercial production of oil. The lease may also afford the
opportunity to drill additional development wells in the future on the property.
Gordon Johnson, the CEO of Bayside Corporation, stated, "This lease is adjacent
to existing oil leases owned by the Company in Duval County and fits nicely into
its ongoing rework and re-completion program. Work is planned to commence on the
existing wells during the second quarter of this year. As we bring the wells on
line and into production and the results become available we will be announcing
the results of our efforts. Bayside Corporation is pleased to participate in the
future cash flow from these properties."
About Bayside
Bayside Corporation (PINKSHEETS: BYSD) is an energy exploration, development and
production company building oil & gas reserves and production in some of the
most prolific hydrocarbon bearing regions of the United States. The Company
specializes in the business of reworking & re-completing 'marginal' oil & gas
wells located in the thousands of mature oil & gas producing fields across much
of the United States.
For additional information on the Company visit our website at:
http://baysidepetroleum.com/
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