Bayside Corporation reported the acquisition of a new lease on the Kelsey South Field, located in Starr County, Texas.
The Company has acquired a new lease with 4 existing well bores in the Kelsey South Field. The Company plans to equip the wells to test them in their current producing zones and to re-complete in other productive zones, of which there are 4 to 5 additional ones available. Also, there are locations to be drilled on the leases and additional leases are available to be acquired for future development. Additional lease acquisitions are ongoing in this project.
Gordon Johnson, the CEO of Bayside Corporation, was quoted as saying, "The acquisition of this lease is continued fundamental progress toward building the Company's portfolio of oil and gas reserves within the continental United States. As we execute on our business plan Bayside will continue to seek out and acquire additional properties as we grow the number of leases and wells under Company management."