Bayport International Holdings, Inc. is pleased to announce the acquisition of an oil and gas producing interest in Nacogdoches County Texas. The PRODUCING Interest acquired in Nacogdoches County, Texas is in the Trawick Gas Field, Trawick Gas Unit 21. The operator for this unit is the Exxon Mobil Corporation.
Discovered in 1949, the Trawick Gas Field is located on a gently dipping, salt-colored dome. Redeveloped in 2001, the Trawick Gas Field is considered to be one of the premier gas and oil locations in East Texas. The primary production areas of the Trawick Gas Field are Travis Peak, Pettit and James Lime. In 2005, 32 wells were completed in the James Lime, with total daily gas production exceeding 60 MMscfg/D. Travis Peak started to be redeveloped in 2006. Minor production intervals include the Haynesville, Cotton Valley and Rodessa. Cotton Valley and Travis Peak are sandstone formations, while the remaining locations are carbonates.
The details of the well and the interest acquired will be announced in the near future. The company understands the need for diversification in these times. Bayport intends to acquire many producing properties in the oil and gas industry with little to no reflection on the share structure. Special financing is being worked out so that it reduces the major impact on dilution that is seen so common in the pink sheets market.
Management also clearly understands the need for diversification and to bring producing properties on board for the company operations. This acquisition, the Pike County, Mississippi interest and the Jones County, Texas interest are part of a package deal. We will release all pertinent information once we complete all the transactions. We are obligated to keep shareholders informed of these transactions as they go forth.
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