Bayport International Holdings Inc (OTCMKTS:BAYP) reported a change in direction of the firm. Effective immediately the company is looking for qualified contenders to Joint Venture, or Reverse Merge into, for gas and oil acquisitions. The firm has identified numerous target industries and sectors that are now, and have been attaining market traction and shareholder value. It is firm’s intent to look out a firm or firms who would like to Joint Venture or Reverse Merge for oil and gas procurements into Bayport.
The company has active consultants seeking for such candidates. While numerous sectors have been recognized and targeted, the firm is by no means restraining talks to firms inside those industries and sectors.
Earlier in August, Bayport International has negotiated a preliminary deal to acquire an asset over 10,000 acres in Daniels Co. Montana. It would comprise of a three well plan concentrated on shallow drill. This play could result in a repeatable, multi-stage frac, low-risk for best recovery. Considerable quantities of gas and oil were manufactured from Daniels County in the 1990’s. Oil output peaked in 1993 at circa 300,000 barrels per month, mainly from the Mississippian pools.
Presently the region is being discovered by generals for the Bakken & Three Forks horizons. Other probable targets are McGowan, Mission Canyon, Charles and Ratcliffe constructions. The red river is the second best manufacturing river formation in the respective basin. It should be noted that Bakken is ranked as third producing zone.
Also, it has current production standing at around 1 million barrels a day and is over 200,000 square miles’ primary parts of North and South Dakotas, Saskatchewan/Alberta, and Montana. Projected quantity of recoverable oil by year 2008 as per USGS study is 4.3 billion barrels. As the basin contours and production areas have stretched, 2013 USGS study projects the figure of recoverable oil as over 7 billion barrels. Some experts are of view that this figure could be around 25 billion to 30 billion barrel of recoverable oil.
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Including producing assets in the gas and oil industry will turn to be a future priority for the firm as the company set objectives for a foundation of growth.