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Bayside Corporation announces the acquisition of the Welder lease in Duval County, Texas.
DALLAS, TX, February 15, 2012 -- BAYSIDE CORPORATION (PINKSHEETS: BYSD), an oil field development company operating primarily in South Texas, announced today that it has acquired a 50% interest in a 160-acre lease located in the Seven Sisters Field in Northwestern Duval County, Texas. The lease has one existing well that the Company has just re-completed in two new zones behind pipe. These two zones were calculated as productive of oil from core analyses taken when the well was drilled. Further, the two zones have produced in nearby wells in the field.
Testing is ongoing and results will be reported shortly. The lease has the potential for several new wells to be drilled and completed based on the results of this re-completion operation.
The Welder lease had initial production of oil in 1936 and has accumulated in excess of 746,000 barrels of oil to date. The Company believes there is significant recoverable oil remaining in other productive zones in both above and below the original pay zones.
About Bayside Corp.
Bayside specializes in the acquisition, rework, re-completion and enhancement of properties in proven oil and gas fields that offer lower risk and high potential returns in a shorter time period than traditional exploration drilling.
Media Contact: Ron Irwin Tel: 310-908-0889 eMail: firstname.lastname@example.org Shareholder Relations: Panorama Consultants Tel: 888-982-2008Forward Looking Statements: 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.
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