Bayport International Holdings, Inc. has signed a Letter of Intent to acquire the two well, 160 acre, Cook lease in Okfuskee County, Oklahoma from J.L. Watkins. Bayport has solidified a contract to purchase outright 100.0% Working Interest and 80.0% Net Revenue Interest in the currently producing oil and gas property.
The Cook Ranch Lease Drill Project is a 160 acre oil and gas lease, with an existing Dutcher oil and gas well drilled to a total depth of 2,825 feet. The well was completed in 1982 by the Marshall R. Young Oil Co. The Cook Ranch lease is situated in Section 10, Township 12 North, Range 10 East, in Okfuskee County, Oklahoma.
The Cook Ranch #10-15 well has multiple oil and gas shows in the Dutcher formations as evidenced by OCC completion reports. The Cook Ranch #10-15 well initial production was 53 BOPD and 89 MCFGPD. The Cook Ranch #10-15B was completed in the Booch formation. The Cook Ranch #10-15B well initial production was 45 BOPD as shown in the OCC completion report. With the current averages being paid for oil and gas makes this prospect very attractive.