EXTO 0015 - Bayport International Holdings, Inc. Announces Acquisition of Oil and Gas Interest.
Bayport International Holdings, Inc. (PINKSHEETS: EXTO. Today they are pleased to announce the acquisition of an oil gas producing interest in Jones County Texas.
According to the Texas Railroad Commission for Jones County, Texas. The county has produced about 560,303 BBL and 347,546 Natural Gas (MCF) in the year 2012. The high average in Jones County Texas per well is 10,000 to 50,000 barrels of recoverable oil per well. Many Properties in the area have been part of a of an aggressive drilling program with many majors.
The details of the well and location as well as the interest acquired will be announced within the next few weeks. The company understands the need for diversification in these times. Bayport intends to acquire many producing properties in the oil and gas industry with little to no reflection on the share structure. Special financing is being worked out so that it will reduce the major impact on the dilution that is seen so common in the pink sheets market.
Management also clearly understands the need for diversification and to bring producing properties on board for the the company operations.
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