Bayside Corporation announced the acquisition of an oil and gas lease covering the Moody and West wells in Duval County, Texas.
Bayside, acting through its wholly owned subsidiary, has acquired 100 percent of oil and gas leases covering 181 acres and the existing 7 wells situated on the property. The wells have previously produced oil from Jackson Series sands (Government Wells and Loma Novia zones) between depths of 2,200 and 2,400 feet. The wells were shut-in when the previous operator passed away and have been sitting dormant since. The Company plans to rework and/or re-complete each well and return them to commercial production of oil. The lease may also afford the opportunity to drill additional development wells in the future on the property.
Gordon Johnson, the CEO of Bayside Corporation, stated, "This lease is adjacent to existing oil leases owned by the Company in Duval County and fits nicely into its ongoing rework and re-completion program. Work is planned to commence on the existing wells during the second quarter of this year. As we bring 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."
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