Bayport International Holdings Inc. (BAYP)

[$King]

MERGER~LOI to Acquire Rio Riata Oil & Gas Resources ...
Bloomberg profile: http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=184362531

Date : 04/11/2012 @ 9:45AM

Bayport International Holdings, Inc. Provides Corporate Update and Announces Letter of Intent to Acquire Rio Riata Oil & Gas ...

Bayport International Holdings, Inc. (PINKSHEETS: EXTO) is pleased to provide the following update on its name change, mining, and oil & gas operations.
On January 17, 2012, Exit Only, Inc. President and Board of Directors approved and filed a Certificate of Amendment to its Articles of Incorporation with the Nevada Secretary of State in order to change the company's corporate name from "Exit Only, Inc." to "Bayport International Holdings, Inc." Our name change will be effective within the OTC Markets (Pink Sheets) which is our principal market. Upon approval by the Financial Industry Regulatory Authority (FINRA), a new trading symbol will become effective.

The company is ready to submit a bond to the Utah Bureau of Land Management (BLM) to position the company to begin its mining operations. Bayport has also been in coordination with the Mining Safety and Health Administration (MSHA) to provide updates prior to the start of operations. Further progress of the mining operations will be provided in the near term.

Bayport International Holdings, Inc. and Rio Riata Oil & Gas Resources LLC (previously known as Rio Rancho Oil & Gas Resources) have entered into a letter of intent (LOI) to acquire 100% of the remaining controlling leasehold interest in the Gaines County Texas prospect from Rio Riata Oil & Gas Resources covering the south 320 acres under the SW/4, Section 372, Block "G," CCSD & RGNG Ry Survey, Gaines County, TX. The new agreement will significantly increase the non-participating working interest to give Bayport 100% of the remaining controlling leasehold interest for any and all wells that are to be reworked or from any future drilling programs including offset production fields acquired through Rio Riata Oil & Gas Resources in related areas.

CTL Oil & Gas Corporation is a Texas Railroad Commission Operator who has been approved to operate crude oil and natural gas wells in Texas with an operator number of 191826. CTL Oil and Gas Corp. has an agreement to be the operators for the Peck "A" & Peck "B" leases.

Occidental Petroleum Corporation, an international oil and gas exploration and production company -- the fourth-largest in the U.S. based on market capitalization, owns a significant mineral interest stake in this Section 372, Block "G" in Gaines County, TX under the Peck "A" & Peck "B" leases which covers 160 acres of the Southwest quarter of the 320 acres. Rio Riata is in negotiations with OXY to enhance its participation in the Southwest quarter of Section 372, Block "G" in Gaines County, TX located within the Permian Basin.

The initial target of production is the three wells located within the Peck "A" lease covering the south 320 acres under Section 372, Block "G," Gaines County, Texas. Rio Riata and CTL have mobilized equipment and expect to start production within the second quarter of 2012. The Peck "A" & Peck "B" lease covers 320 acres. The first reworked well is expected to resume producing from the existing 10,000 foot depth. Rio Riata Oil & Gas Resources with its affiliates would like to test uphole to the San Andreas zone.

The first well within the Peck "A" lease produced 92,536 barrels from September 2002 to November 2006, before becoming inactive for non-operational reasons. The northeast section of the area contains a Gas Gathering line.

Offset production leasehold has become a major source of income and exploration in the oil and gas industry. Bayport International Holdings, Inc. & Rio Riata Oil & Gas Resources own an additional 160 acres within the area. Rio Riata Oil & Gas Resources are in various stages of acquiring additional offset production properties that will benefit the relationship between both parties. Details of the agreement between Bayport and Rio Riata will be provided in the near term.

About Bayport International Holdings, Inc.

Bayport International Holdings, Inc. is a company formed to exploit the various precious minerals in the U.S. to acquaint the public with practical investment opportunities in strategic metals and minerals. Bayport International Holdings, Inc. is primarily focused on precious metals, rare earth, and oil and gas ventures. Bayport International Holdings, Inc. is developing mining and oil and gas properties with economic potential with the aim of bringing such properties to commercial production. The company's portfolio of properties is primarily located in the prolific western USA in Utah and Texas.

www.BayportInternational.com

Cautionary Note Regarding Forward-Looking Statements

This press release and the statements of representatives of Bayport International Holdings, Inc. (the "Company") related thereto contain, or may contain, among other things, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including any other statements of non-historical information. These forward-looking statements are subject to significant known and unknown risks and uncertainties and are often identified by the use of forward-looking terminology such as "guidance," "projects," "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "ultimately" or similar expressions. All forward-looking statements involve material assumptions, risks and uncertainties, and the expectations contained in such statements may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results (including, without limitation, Bayport's ability to advance its business, generate revenue and profit and operate as a public company) could differ materially from those stated or anticipated in these forward-looking statements as a result of a variety of factors, including factors and risks discussed in the periodic reports that the Company files with OTC Markets (Pink Sheets). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.

http://ih.advfn.com/p.php?pid=nmona&article=51965338

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