Bayside Corp. Announces Spin Out and Dividend Payment to Common Stock Shareholders of its Subsidiary Company

DALLAS, July 31, 2013 /PRNewswire/ -- Bayside Corporation (OTC: BYSD) an energy exploration, development and production company Bayside Corporation announces that the Board of Directors of the company in a meeting held February 25, 2013 authorized the dividend of its wholly owned subsidiary, Bayside Petroleum Company, Inc., to its shareholders as of February 28, 2013.  Further, a Written Consent of a Majority of Shareholders, with 82% of the voting stock voting in favor thereof, approved this spin out. 

The dividend will take place on August 1, 2013. The oil and gas properties will be retained by Bayside Petroleum. Gordon H. Johnson will assume the role of President and Chairman of the Board of Directors of the company.  Further, Mr. Johnson will also retain his position as Chairman of Bayside Corporation.

Bayside Petroleum will issue shares of Common Stock to its shareholders on a basis to be determined by the Board of Directors at its next meeting.

The Chairman states that this move is being made in order to allow Bayside Petroleum to continue with its business plan of acquiring oil properties containing wells in need of reworking and/or re-completion in zones known to be productive of oil behind the pipe, and to further increase the value for the shareholders.

About Bayside

Bayside Corporation is an energy exploration, development and production company building oil & gas reserves and production in some of the most prolific hydrocarbon bearing regions of the United States. The Company specializes in the business of reworking & re-completing 'marginal' oil & gas wells located in the thousands of mature oil & gas producing fields across much of the United States.

For additional information on the Company visit our website: http://baysidepetroleum.com

Safe Harbor Statement

This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such projections or statement reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. Important factors that could cause actual results to differ from those projected are decreases in oil and gas prices or decreases in oil and gas production. The company's actual results could differ materially from those discussed herein. Forward-looking statements are subject to risks and uncertainties, including, but not limited to, government regulation, taxation, spending, competition, general economic conditions and other risk factors which could cause actual results to differ materially from those projected or implied in the forward-looking statements.

SOURCE Bayside Corporation