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Bayside Petroleum Company, Inc.
Bayside Petroleum Company, Inc. (“Bayside” or “Company”) is a fast-growing early stage oil and gas development company organized in Nevada and having principal offices in Dallas, Texas. The Company has a management team with over 80 years of combined experience with prominent energy companies. Bayside specializes in the acquisition, rework & re-completing and enhancement of properties in proven oil and gas fields that offer lower risk and high potential returns to the Company in a shorter time period than through traditional exploration drilling. Bayside is capitalizing on a boom in the Oil & Gas field rework business that is being fuelled by soaring global demand, robust prices for crude oil, and limited domestic production increases in the face of excessive dependence on foreign oil.
HISTORY OF BAYSIDE PETROLEUM COMPANY, INC.
As energy prices reached lows in the 1990s, the Bayside management team recognized the long-term prospects were positive for domestic oil and gas development companies. Management believed that low oil and gas prices created an excellent opportunity to acquire the rights to valuable oil and gas properties at very attractive prices for future development and production.
The Company focused on the acquisition of fields with proven and verifiable reserves that offered low risk and high potential returns. Bayside’s management team has acquired what it judges to be clearly undervalued oil properties, primarily throughout Texas, Mississippi and Louisiana.
Our mission is to achieve strong corporate growth in Oil & Gas production revenue and profits, as well as in the enhancement of the Company’s asset base and shareholder value, while adhering to the principles of prudent financial management, employee safety and personal growth, and stewardship of the environment.
Bayside’s management team is comprised of senior executives having an enviable record of success in the Oil & Gas industry. Particular strengths in Petroleum Geology, Exploration, Oilfield Operations & Rework technologies, Finance and Corporate Governance augur well for the Company’s intentions to rapidly build assets and production revenues by capitalizing on extraordinary opportunities in the business of reworking mature oil and gas wells. As required, the management team will be strongly supported by leading consultants in such fields as reservoir engineering and other Oil & Gas industry specialties.
Executive Management and Directors:
Gordon H. Johnson – Chairman & President - Mr. Johnson has decades of experience in oil and gas development and is a third generation oilman. He has worked for Conoco, Pennzoil, Mitchell Energy and additional companies where he received experience in Texas, New Mexico, Oklahoma, Montana, North Dakota and Louisiana. In 1972 he became an independent oil operator. During his career he has been responsible for generating geological prospects, acquiring oil and gas leases and producing properties, generating drilling funds, supervising the drilling and completion of numerous oil and gas wells and coordinating several mergers. From 2004 to present, Mr. Johnson has been Chairman of Omni Oil and Gas, Inc. and President of Venture Oil & Gas, Inc. Mr. Johnson attended the University of Texas in Austin, Texas majoring in geology and petroleum land management. He is a member of Texas Independent Producers & Royalty Owners (TIPRO), the Independent Petroleum Association of America (IPAA), Louisiana Oil & Gas Association (LOGA), and the Society of Petroleum Engineers (SPE).
John L. Griffiths, Jr. – Manager, Engineering - Mr. Griffiths is a graduate from Southern Methodist University (SMU) with a B. S. degree in Mechanical Engineering. He also attended Louisiana State University (LSU), majoring in Petroleum Engineering. John has had 40+ years experience in the oil and gas industry primarily in the areas of acquisitions and operations of oil and gas properties mainly in Texas, Louisiana, Oklahoma and New Mexico. He has also owned and operated a drilling company with five drilling rigs.
James T. Ling – Director – Mr. Ling attended Southern Methodist University (SMU-Dallas, Texas) and North Texas University (Denton, Texas). He also received his certificate from the New York Institute of Finance. Subsequently, Mr. Ling entered the stock brokerage business becoming an Allied Member of the New York Stock Exchange. For the past 20+ years he has owned and operated a business in the construction and landscaping industry with major clients such as Texas Instruments. He currently is Chairman and President of Empiric Energy, Inc., an independent oil company that is traded under the symbol of “EPRC” on the OTC: BB, a company founded by his father, James J. Ling of LTV fame. He also serves as President and Director of American Gold Resources Corp., a placer mining company with holdings in Oregon and Alaska.
David Dischiavo – Director – Mr. Dischiavo attended Kenyon College, Gambier, Ohio for four years. Subsequently, he worked as a registered stock broker in New York and Connecticut for 15 years with such companies as Bache & Company and Shearson Hamill. In 1974 he founded Mohawk Development Corp. and operated it through 1988, specializing in the initial funding of small and medium sized companies, some of which were active in the oil and gas industry. In 1988 he moved to Dallas, Texas and founded Five Star Financial Corp., in investment banking firm providing initial and secondary capital for small and medium sized companies. Since 1998 he has operated as an independent financial consultant.
ABOUT OUR BUSINESS
Bayside is focused on growth via the reworking of marginal Oil & Gas wells in mature but marginally producing fields that have significant proven reserves yet to be produced. In many cases, more than 50% of the original recoverable reserves are awaiting oil well remediation technologies such as reworking and recompletions, etc. in order to resume maximum production.
Thousands of mature oil and gas fields across the lower 48 states encompass hundreds of thousands of marginal wells, commonly referred to as ‘stripper’ wells, i.e. wells that produce less than 15 barrels per day of crude oil. Few lay persons realize the importance of these wells and their significance to domestic crude oil supplies. Marginal wells produced more than 335 million barrels of oil in the United States in 2006. That's equivalent to more than 60 percent as much as the United States imports annually from Saudi Arabia.
“With approximately 20 percent of American oil production and 10 percent of American natural gas production coming from marginal wells, they are America’s true strategic petroleum reserve.”
Many marginal wells are aging wells that have dwindling production as a result of age-related degradation, e.g.: production tubing getting clogged, over time, with sand and other solids that restricts the free flow of the oil (or natural gas.) Bayside’s projects involve primarily aging oil & gas wells whose once-healthy production has dwindled to ‘stripper’ well status despite sufficient proven reserves and reservoir characteristics to support much higher levels of production. Through the application of expertise and technology, Bayside intends to elevate such wells significantly above their current ‘stripper’ status.
By reworking/remediating these wells, i.e. re-entering the well and replacing the clogged production tubing with new tubing, and applying other technologies such as ‘fracing’ and other EOR (Enhanced Oil Recovery) procedures, oil flow rates can be restored to maximum levels of production. In addition to this very attractive rework potential, some of the Company’s mature oil & gas fields also present potential for drilling offsetting development wells to further boost production from the field.
If a given oilfield contains sufficient recoverable reserves – and Bayside’s project selection process ensures this by confining its acquisitions and rework projects to those projects meeting minimum proven reserve requirements and other technical prerequisites – rework procedures will generally succeed in dramatically restoring flow rates, thus boosting oil production by more than an order of magnitude. (From 15 bbls/day to 200 bbls/day+ on many of Bayside’s projects.)
CURRENT ACTIVITIES AND NEAR TERM OUTLOOK
To date Bayside has assemble interests in, and it drilling, re-completing and/or reworking a valuable portfolio of 13 properties in oil and gas fields throughout Texas and Mississippi. The properties contain 58 wells productive well bores and 4 saltwater disposal wells. The productive well bores are candidates for rework and/or re-completion. Also, there are numerous development drilling locations remaining on these projects. Upon completion of the work proposed on the properties now inventoried the Company should have proven, discounted future net revenues exceeding $10 million with undiscounted future net revenues approaching $20 million. The Company has an aggressive growth strategy with a goal to reach net proven reserves of 10 million barrels of oil equivalent within 12 to 18 months of pending funding.
Bayside has several major strengths. It has a strong, experienced and focused management team, it owns a valuable portfolio of existing oil and gas property interests, and it is well positioned to substantially increase its proven reserves, cash flow and shareholder value over the next 12 to 18 months.
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