DALLAS, Sept. 19, 2012 -- BAYSIDE CORPORATION (OTC MARKETS: BYSD - News) an energy exploration, development and production company announces it is in the process of permitting a new oil well in Gruy Field, located in Duval County, Texas. Gordon Johnson, the CEO of Bayside Corporation stated, "With the permitting of a new well in the Gruy Field, we position the Company to take advantage of the oil reserves in the Cole (Daugherty) Sand that are known to be at the shallow depth of approximately 2,500 feet. These shallower wells provide a lower risk and higher economic feasibility opportunity for the Company, with a considerable attractive risk to reward ratio."
This project consists of a tract of 160-acres with a possibility of acquiring an additional 480 acres. Four (4) productive wells were drilled on the tract, all producing oil for the Cole Sand at an approximate depth of 2,500'. All of the wells are currently plugged. The Company expects to be able to drill between 6 and 10 development wells on this prospect.
About Bayside Corporation OTC: BYSD 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.
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SOURCE Bayside Corporation