The company commenced operations on the project in late December 2009. Locations were prepared in December on the #1 and #2 wells, and the #2 well was commenced with a spudder rig. Completion on the #1 well and the drilling of the #2 well is expected to commence around the middle of March.
The famed Loma Novia field developed as a result of the 1935 strike by Humble Oil (Exxon). In the 1960s, Texaco drilled five wells on the current Bayside tract and completed in two separate zones of the Loma Novia (Hockley) formation.
These wells accumulated 164,000 barrels of oil, being 33,000 per well average. An analysis of cores taken in the well and the electric log indicate there are seven zones productive of oil and/or gas ranging from 1,400′ to 2,600′. The company believes that this well, and any new wells or re-entries on the tract should be productive and expects daily production from the Loma Novia sands in the range of 30bopd to 75bopd.
Dallas-based Bayside Petroleum is an energy exploration, development and production company in the process of building oil and gas reserves and production in some hydrocarbon bearing regions of the US.
