LAS VEGAS, Feb. 19, 2013 /PRNewswire/ -- Bayport International Holdings, Inc. (OTCPINK: EXTO) is pleased to announce the acquisition of an oil and gas producing interest in Nacogdoches County Texas.
The PRODUCING Interest acquired in Nacogdoches County, Texas is in the Trawick Gas Field, Trawick Gas Unit 21. The operator for this unit is the Exxon Mobil Corporation.
Discovered in 1949, the Trawick Gas Field is located on a gently dipping, salt-colored dome. Redeveloped in 2001, the Trawick Gas Field is considered to be one of the premier gas and oil locations in East Texas.
The primary production areas of the Trawick Gas Field are Travis Peak, Pettit and James Lime. In 2005, 32 wells were completed in the James Lime, with total daily gas production exceeding 60 MMscfg/D. Travis Peak started to be redeveloped in 2006. Minor production intervals include the Haynesville, Cotton Valley and Rodessa. Cotton Valley and Travis Peak are sandstone formations, while the remaining locations are carbonates.
The details of the well and the interest acquired will be announced in the near future. 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 reduces the major impact on 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 company operations.
This acquisition, the Pike County, Mississippi interest and the Jones County, Texas interest are part of a package deal. We will release all pertinent information once we complete all the transactions. We are obligated to keep shareholders informed of these transactions as they go forth.
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.
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.
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SOURCE Bayport International Holdings, Inc.