SOURCE: Bayside Petroleum

October 03, 2012 10:56 ET

Renewal of Oil & Gas Lease Announced by Bayside Corporation in Lamar County, Mississippi

DALLAS, TX--(Marketwire - Oct 3, 2012) -  BAYSIDE CORPORATION (PINKSHEETS: BYSD), an energy exploration, development and production company, announces the renewal of oil and gas leases on its Baxterville Field Prospect in Lamar County, Mississippi. The leases consist of 4 wells, being 3 production wells and 1 saltwater disposal well. The 3 production wells are productive of oil from the Tuscaloosa formation at the approximate depth of 8,750 feet. The wells on the lease have accumulated in excess of 100,000 barrels of oil and it is estimated that the lease will produce an additional 475,000 barrels of oil. Tests run prior to 2009 indicated a 5% oil cut in the produced fluid. The Company plans to install a high volume pumping facility on the initial well in order to produce in excess of 1,000 barrels of fluid per day, which should bring a minimum of 50 barrels of oil per day although it is anticipated that the increase in the daily fluid volume will also increase the percentage oil cut in the produced fluid.

The Company has just completed the renewal of plugging bonds with the State of Mississippi in the amount of $80,000 and is anticipating the commencement of reworks on the 3 existing production wells to occur prior to the end of 2012.

About Bayside

Bayside Corporation 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/

This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such projections or statement reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. Important factors that could cause actual results to differ from those projected, are decreases in oil and gas prices or decreases in oil and gas production. The company's actual results could differ materially from those discussed herein. Forward-looking statements are subject to risks and uncertainties, including, but not limited to, government regulation, taxation, spending, competition, general economic conditions and other risk factors which could cause actual results to differ materially from those projected or implied in the forward-looking statements.

Contact Information

  • Contact Information:
    Shareholder Relations Contact:
    Vitello Communications
    786.375.0556