Bayside working toward permit for new Texas oil well

Source: Bayside Corporation

Bayside Corporation (OTC MARKETS: BYSD) 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.


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