Green Mountain Development Corp entered into an Oil Field Project Development Agreement with Bayside Corp (Pinksheet: BYSD) in December 2011. The Bayside project opportunity was brought to GMND CEO, Robert Brehm, by a long time business associate who has followed the company’s progress with energy related projects and its new affiliate network.
As part of this Agreement, Green Mountain has agreed to assist Bayside with certain preliminary development work including project due diligence, investor presentations, identification of project capital sources and technology vendors and negotiation of a joint venture (JV) agreement between investors and Bayside. Green Mountain draws upon the resources of its affiliate partners to develop a JV agreement to progress the development of Bayside drilling leases from the acquisition stage to commercial production.
In January 2012, directors Robert Brehm and Nick Kontonicolas met with Bayside CEO Gordon Johnson and associates in Texas and visited various well leases. Subsequent to the meeting a JV agreement was signed between Bayside Corporation and C. Trade Worldwide Group for the oil and gas well development. Bayside will provides leases and projects and C. Trade will provide financial capability and trade finance instruments for project development. As part of its compensation for bringing all parties together, Green Mountain has a participation in the Joint Venture.
The Bayside projects are located near the Eagle Ford region of Southern Texas.
Green Mountain project development revenue is expected to increase as Bayside commences revenue generation from well production based upon Green Mountain and affiliates efforts.