Dallas. BAYSIDE PETROLEUM COMPANY, INC. (PINKSHEETS: BYSD) is pleased to announce that it has entered into an agreement with a local Dallas, Texas independent oil company to drill a 9,000 foot Wilcox development well on its leases in the Muscadine Field, Tyler County, Texas.
The Muscadine Field
This field is located on a 230-acre oil and gas lease in Tyler County. The lease has 3 wells situated thereon, one of which is currently producing at the rate of 13-15 bopd. Remedial and re-completion work on the property is pending the approval of a Plan of Operation by the National Park Service. The field produces from multiple zones in the Wilcox formation, occurring between the depth of 8,175' and 8,500'. The field has accumulated production of approximately 400,000 barrels of oil and 350 million cubic feet of gas. Drilling of a 9,000 foot Wilcox development well on its leases in the Muscadine Field reflects the companies' confidence in the potential of the prominent Wilcox formation in this region.
BYSD Expanded Activities:
In addition to the increased interests announced recently in numerous projects in Texas, Louisiana and Mississippi, as well as a 2.5% carried working interest in 7 licenses (concessions) in Romania, Bayside now owns and manages oil production of approximately 100 barrels per day in South Texas (Dimmit, Frio, Zavala and LaSalle Counties) and in N.E. Kansas (Douglas, Franklin and Miami Counties). The Company is now the manager of a number of joint ventures that own interests in these wells. The wells in Texas number 34 and a number of them are candidates for rework and/or re-completion to enhance the daily production rates. The wells in Kansas number approximately 200 and produce oil from shallow depths, ranging from 300' to 950'. Every project in Kansas is a candidate for waterflooding (secondary recovery), which when installed significantly increases the daily production rates. Since its inception, the Company has focused on the acquisition of fields with proven and verifiable reserves that offered low risk and high potential returns. The drilling of a 9,000 foot Wilcox development well on its leases in the Muscadine Field, Tyler County, Texas reflects the companies' confidence in the potential of the prominent Wilcox Formation in this region.
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