Bayside Corporation reportedd 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.