Venango County, PA Well Update

Oct 18, 13 Venango County, PA Well Update

Bayport International Holdings, Inc. Signs Letter of Intent to Purchase 5 Oil Wells

Bayport International Holdings, Inc.* has signed a Letter of Intent to purchase an interest in 5 oil wells located on the Scott Lease, Venango County, PA. The approximately 52 acre lease is located north east of the town of Oil City, Pa. The preliminary target zone for wells on this lease will be the Venango Sands. The Venango Sands formations are the Red Valley, Lytle, 1st Sands, 2nd Sands, 3rd Sands Stringer, 3rd Sands and 4th Sands. These oil and gas bearing formations are found throughout this area and historically have been good producers. It is common knowledge that the oldest oil & gas fields in petroleum history are located in northwestern PA. These pools are primarily of the stratigraphic type. The Venango Sands extends from Butler County, northeastward through Warren County. The productive sands of this district were discovered during the period extending from 1859 to about 1900. The exposed and near surface rocks of the Venango district range in age from Upper Devonian to upper Pennsylvanian. The older of the exposed rocks crop out only in the northern part of the district because the southward regional dip carries them below drainage level in the southern part of the district. The oil-productive 1st & 2nd Sands crop out in the Allegheny River valley, in the northeastern part.

*About Bayport International Holdings, Inc.:

Bayport International Holdings, Inc. is a company formed to exploit the various precious minerals in the U.S. to acquaint the public with practical investment opportunities in strategic metals and minerals. Bayport International Holdings, Inc. is primarily focused on precious metals, rare earth, and oil and gas ventures. Bayport International Holdings, Inc. is developing mining and oil and gas properties with economic potential with the aim of bringing such properties to commercial production. The company’s portfolio of properties is primarily located in the USA in Utah, Texas and Pennsylvania.