Bayside Corporation on Tuesday announced the renewal of oil and gas leases in the Muscadine Field, located on 230 acres in Tyler County Texas. The Muscadine Field has three existing wells and the Company plans to drill one new well to complete in multiple zones of the Wilcox formation. The field has accumulated production of approximately 400,000 barrels of oil and 350 million cubic feet of natural gas.
Gordon Johnson, the CEO of Bayside Corporation, states, "We are pleased to announce the renewal of the Muscadine Lease, as the Company grows its oil and gas reserves in the United States. This Lease holds accumulated reserves that we will produce and take to market starting this year. Initially we will permit and drill a new well (the No. 2-R) as a replacement to the No. 2 well now on the lease. The No. 2 well will be held for future use as a saltwater disposal well. Once we have drilled and completed the new well we will announce the results of the production level.
"The remaining two wells, the No. 3 and 4, are located on lands of which the surface is controlled by the National Park Service. Subsequent to the drilling operation we will file a Plan of Operation with the National Park Service and upon approval the Company will commence rework and/or re-completion operations on these wells. After completing these operations the Company will evaluate the lease for future possible additional drilling.
"Bayside Corporation owns 100 percent working interest in the Muscadine Field and has a 70 percent net revenue interest for this lease.
"This is an excellent opportunity for Bayside to bring increased production from this field to the market."
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