Bayside will be carried for a 15% working interest to the point of electing to set production casing and making a completion attempt on the well. Drilling of this 9,000ft well is expected to be carried out in the first half of 2010.
The Muscadine Field is located on a 230-acre oil and gas lease in Tyler county. The lease has three wells situated thereon, one of which is currently producing at the rate of 13-15 bopd. Remedial and re-completion work on the property is pending the approval of a Plan of Operation by the National Park Service. The field produces from multiple zones in the Wilcox formation, occurring between the depth of 8,175′ and 8,500′.
The field has accumulated production of approximately 400,000 barrels of oil and 350 million cubic feet of gas. Drilling of a 9,000ft Wilcox development well on its leases in the Muscadine field suggests the potential of the prominent Wilcox formation in this region.
In addition to the increased interests announced recently in numerous projects in Texas, Louisiana and Mississippi, as well as a 2.5% carried working interest in 7 licenses (concessions) in Romania, Bayside now owns and manages oil production of approximately 100 barrels per day in South Texas (Dimmit, Frio, Zavala and LaSalle Counties) and in N.E. Kansas (Douglas, Franklin and Miami Counties).
The company said that the drilling of a 9,000ft Wilcox development well on its leases in the Muscadine Field, Tyler County, Texas reflects its confidence in the potential of the prominent Wilcox Formation in this region.
