Bayport International Holdings, Inc. Enters into Asset Purchase Agreement with Sylios Corp.
TULSA, OK--(Jun 14, 2014) - Bayport International Holdings, Inc. (OTC Pink: BAYP) (PINKSHEETS: BAYP) -- Today we are pleased to announce that the Company has entered into an Asset Purchase Agreement with Sylios Corp (f/k/a US Natural Gas Corp).
On July 10, 2014, the Company entered into an Asset Purchase Agreement with Sylios Corp for the purchase of certain oil and gas properties located in Wayne County, West Virginia. Included within the assets being purchased are 125 oil and gas wells, testing facilities and a 22 mile gathering system within 12,000 acres. The terms of the Agreement are being treated confidential. The transaction is scheduled to close on or before July 30, 2014. The filings will become public soon after the close date.
Over the past 24 months Bayport International Holdings, Inc. has strategically purchased acquisitions in the oil and gas industry to increase production revenues and asset evaluation. The following are some examples of our previous oil gas acquisitions:
Steffelbeam Lease, Forest County Pennsylvania . BAYP owns 5.0% WI and 3.75% NRI in four individual wells, permit numbers 1,2,3 and 4.
Peck Lease, Gaines County, Texas. BAYP owns 3.5 % Non-Participating Working Interest (Royalty) only.
Trawick Gas Unit 21, (Trawick Gas Field), Nacogdoches County, Texas . BAYP owns Royalty Interest. The operator for this unit is the Exxon Mobil Corporation.
Star Duster No. 1 Gas & Oil Well, Nacogdoches County, Texas . BAYP owns Royalty Interest. Lease ID 225303. The operator for this unit is the Sonerra Resource Corporation.
J. H. Wade Oil Well Field Name (PHANTOM LAKE (TANNEHILL) Jones County, Texas . BAYP owns Royalty Interest & Overriding Royalty Interest. Lease ID 11407. The operator is Schkade Bros. Operating Company.
Baker 1H Gas Well, BAYP owns Royalty Interest in Lease ID 263188 & API number 347-33238. Operator is Eog Resources, Inc. The field name is Hayneville Shale, a major natural gas field in the United States located in the East Texas region.
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