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Porter's dad was an oil Billionaire so he should be getting some good advice on the deal!
A good executed deal and then bayp should rise substantially! We just need to see what the terms of the deal actually are!
This is what Sylios tried to sell these oil wells for last March 2013!
US Natural Gas Corp Enters into Agreement for the Sale of Certain Oil and Gas Assets in West Virginia
Capital Infusion Will Allow for Further Project Development and Revenue Acceleration
ST. PETERSBURG, Fla. February 5, 2013 -- US Natural Gas Corp (OTC Pink:UNGS), an energy exploration company with operations in the Appalachian Basin announced today that the Company has entered into an agreement for the sale of certain of its oil and gas properties located in Wayne County, West Virginia.
On January 19, 2013, the Company received and entered into a Letter of Intent with Natural Gas Resources Corp (“Buyer”), a Nevada corporation, for the sale of certain assets operated by a wholly owned subsidiary of the Company, US Natural Gas Corp WV. Subsequently, both parties entered into an Asset Purchase Agreement defining the terms of the transaction.
Under the terms of the Asset Purchase Agreement, the Company is to receive consideration in the amount of one million dollars ($1,000,000) with three hundred thousand dollars ($300,000) to be paid at closing and the balance of seven hundred thousand dollars ($700,000) to be paid from production. In exchange, the Company will transfer certain assets located in Wayne County, West Virginia to the Buyer. The transaction is scheduled to close on or before March 19, 2013 upon completion of due diligence by the Buyer.
As an update, the Company is in the final stages of its due diligence pertaining to the Wayne Gas Company acquisition. The capital infusion from today’s announced transaction will allow the Company to proceed with its previously announced acquisition on a stand-alone basis. The Company’s initial plan was to bring in a partner to joint venture on the transaction. By funding the transaction itself, the Company projects to receive $750,000-$900,000 from the sale of the acquired mineral rights.
"The sale of certain West Virginia assets will provide the Company with the required funding to address individual well issues along with gathering system upgrades needed to boost productivity. This will also allow the Company to prevent further dilution to shareholders by refraining from outside financing. ," said Wayne Anderson, President of US Natural Gas Corp. "The ability to internally fund our previously announced acquisition will provide the Company with an immediate profit upon the sale of the acquired mineral rights. We estimate the valuation of the mineral rights to be conveyed to us via deed at approximately $750,000 in today’s market.”
About US Natural Gas Corp
US Natural Gas Corp is an independent energy company principally engaged in the acquisition, exploration and development of mature long-lived oil and natural gas properties. The company's current operations are concentrated in the Appalachian Basin within the states of Kentucky and West Virginia with core assets consisting of 17,000 acres of mineral rights leases and interest in approximately 150 oil and gas wells. More information on US Natural Gas Corp can be found on the Company’s website at www.usnatgascorp.com. Safe Harbor Statement
Matters discussed
I hope bayp paid about $50,000 cash with another $50,000 coming out of future revenues from the wells! For a total of $100,000!
How do you get that high of a valuation?
At 25 million shares o/s baypD will go to .10 to .15 over the next month!
It goes to baypd for the next 20 trading days!
Do you think now is a good time to buy?
I was hoping for a running total number of shares that are currently short! From what you show me it appears to be 10%-20%short! That would be about 2.5 to 5 millions shares on a post reverse split basis!
What do you think the short level is?
.015 will be a good buy tomorrow if enough disgruntled shareholders push the price down to that level!
Well at least we both make money on this POS! LOL!
Too much doom and gloom here tells me we are preparing for a big rise in share price
I actually cashed in February and have bought back the last few weeks! LOL! I certainly am not an insider!
I agree the MJ news release in February burned a lot of investors! For some reason I think this may be the bottom! We will see how bayp trades post reverse split tomorrow
That's a very good way of looking at the overall picture
The major dump to raise capital was done in February when the stock was at .0025! Why would anyone sell now?
MM's were just selling shares to themselves to get the price down and scare investors to sell out their shares! Whether you have 1 million shares or 100 million shares does not make a difference if the total number of outstanding shares are reversed as well!
MM's are accumulating shares now!
Good time to buy even with the reverse split!
Put your sell order above .004! That will freak out the MM's! The more people that do that then the more they are forced to accumulate quickly
When the news hits the main financial wire services Bayp should really move
The News is only showing up on the OTC markets news and has not hit yahoo finance yet or investors hub! I wonder why that is?
The.0004's will get cleaned out in seconds once the Mexican stand off is done
I see a strong move over the next few weeks!
3 in MM code means take the price down so I can load shares! I doubt I they will be able to do that!
MM's look short! .0004's should go fast as well
Bayp looking good! Primed and ready
Go any part and you will get the shares right away
That's interesting! Was it an any part order? If it was an all or nothing they probably wont fill it! Looks like they don't really want to fill the orders unless they are for any part!
I wonder if Bayp has the capability to extract oil and gas from those wells or if they will contract out?
They are obligated to sell the shares at .0003 if people hit the ask! If this news release is legitimate it will be a 10 bagger!
If the deal is legitimate then Bayp should make it to .002!
I just picked up another 10 million! It took a while to get filled even though I hit the ask! I thought that was strange!
I wonder what the terms of the deal are? and if it actually completes!
Why is the current company not selling gas from those 125 wells?
Yes 3.1 million shares brings the price up .02 on good news to 50cents and 500,000 brings it back down .02 to 48cents!
Don't see anywhere on that form where they are contemplating a 100 for 1 reverse split!
We will see a pickup in institutional buying soon
They are not in hemp lotions! Just oil and gas!