Bayside Corp. (PINKSHEETS: BYSD) announced the renewal of oil and gas leases on its Baxterville field prospect in Lamar County, Miss. The leases consist of four wells, being three production wells and one saltwater disposal well.
The three production wells are productive of oil from the Tuscaloosa formation at the approximate depth of 8,750 feet. The wells on the lease have accumulated in excess of 100,000 b/o and it is estimated that the lease will produce an additional 475,000 b/o. Tests run prior to 2009 indicated a 5% oil cut in the produced fluid. The company plans to install a high-volume pumping facility on the initial well in order to produce in excess of 1,000 barrels of fluid per day, which should bring a minimum of 50 bo/p, although it is anticipated that the increase in the daily fluid volume will also increase the percentage oil cut in the produced fluid.
The company has just completed the renewal of plugging bonds with the state of Mississippi in the amount of $80,000 and is anticipating the commencement of reworks on the three existing production wells to occur prior to the end of 2012.
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