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Bayside Corporation announces a Joint Venture to Develop & Produce Oil Reserves in South Texas
DALLAS, TX—(3/13/2012)- BAYSIDE CORPORATION (Pinksheets: BYSD.PK - News) Announces the formation of Duval County O&G Development, LLC, a joint venture partnership to develop existing oil reserves in Duval County Texas.
Bayside Corporation has formed Duval County O&G Development, LLC, a Texas limited liability company, in conjunction with RR Jones & Associates, LLC (Dallas, Texas) and Fundamental Properties, Inc. (New York) for the development of the P. E. White and Bishop Cattle Co. leases held by Bayside Corporation.
The agreement calls initially for the rework of up to 9 existing wells and the drilling of 2 new wells to be located on the White lease. Bayside Corporation owns a 23.5% interest in the revenue generated from production of oil derived from the two leases.
Gordon Johnson, the CEO of Bayside Corporation stated, “Work has commenced on 4 of the existing wells, with 3 being successful to date. As we bring more of the wells on line and into production and the results become available we will be announcing the results of our efforts. Bayside Corporation is pleased to participate in the future cash flow from these properties, and additional reworked wells will be in operation shortly. Also, operations for the 2 new wells to be drilled are scheduled to commence in the first week in April, 2012.”
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/For Shareholder Relations contact:
Panorama Consultants (888-982-2008)
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