LAS VEGAS, April 11, 2013 /PRNewswire/ -- Bayport International Holdings, Inc. (OTCPINK: EXTO). Today we are pleased to announce an update to Gaines County, Texas. Peck A and Peck B oil lease.
On July 28, 2011, the Company entered into an agreement with Rio Rancho Oil & Gas Resources, a Texas oil & gas company ("Rio Rancho"). Pursuant to that agreement, Bayport acquired a 3.5% leasehold; a non-participating working interest in wells obtained by Rio Rancho through leasehold. The nonparticipating working interest does not require that the Company fund, in any way, production of the wells, only receive revenues.
The assignment of oil gas and mineral leases were filed of record on 11/17/2011 and being of file number 20015777, and recorded in the deed records in Gaines County, Texas. You can look this data up at www.texasfile.com.
The wells are located within Section 372, Block "G", Gaines County, Texas. The Peck "A" lease covers 320 acres, and in December of 2002 had a production rate of 7,256 barrels per month. This can be verified on the Texas Railroad Commission, link http://www.rrc.state.tx.us/data/online/gis/index.php#. This first well is expected to resume producing from the existing 11,000 foot depth. The second well will be re-worked at the 3,500 foot depth to test the San Andres zone. Wells directly adjacent to the south of this property have produced 400 BOPD from the San Andres zone, although same in no way guarantees the same production from the wells in which the Company has an interest.
As of 4/10/2013 the operator already has equipment on ground and is confident to have the pumpjack in place in two weeks. Logs available as soon as possible.
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.
Drilling Operator: CTL Oil and Gas, an independent producer of crude oil and natural gas, licensed by the State of Texas.
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.