DALLAS, TX--(Marketwire -05/15/12)- BAYSIDE CORPORATION (BYSD.PK) an energy exploration, development and production company today announced it has acquired an option to purchase the Driscoll Foundation Lease in Duval County, Texas. This project consists of a tract of 160-acres with a possibility of acquiring an additional 480 acres located within the Gruy Field. Four (4) productive wells were drilled on the tract, all producing oil for the Lower Cole Sand at an approximate depth of 2,500 feet. All of the wells are now plugged. An additional 22 wells were successfully drilled on the adjacent 480 acre tract. Together the 26 wells produced 545,000 barrels of oil. The Company believes there are additional development opportunities to extend the field on this lease. Also, it is believed there are potential shallower and deeper gas sand development opportunities. Wells originally completed had initial production rates ranging as high as 175 bopd. It is believed several wells can be drilled and should produce at a minimum of 25 to 50 bopd. The first well to be drilled is planned for the 2nd or 3rd quarter in 2012.
Bayside Corporation's CEO Gordon Johnson stated, "This is a milestone for our Company as we continue to add known oil and gas reserves to our portfolio of existing leases. Given the history of the Gruy Lease and the 160 acres in this project we are excited about the prospects for increased production here and we fully expect to make an offer on the additional 480 acres later this year. The Gruy Lease represents significant progress as we execute our business plan in 2012, and we will continue to aggressively seek out all possible acquisition opportunities that have the potential to increase revenue to the Company and add shareholder value going forward."
About Bayside Corporation (BYSD.PK) 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.