Sylios Corp. (fka UNGS)

[fast.money]

$UNGS ~ Recent Development:

US Natural Gas Corp Enters Joint Venture to Boost Oil Production in Kentucky (Apr 9th)
http://finance.yahoo.com/news/us-natural-gas-corp-enters-125235538.html

Projected Daily Production of 20 Plus Barrels Per Day

ST. PETERSBURG, Fla. - US Natural Gas Corp (OTC Pink:UNGS), an energy exploration company with operations in the Appalachian Basin is pleased to inform shareholders that the Company has entered into a seven well Joint Venture project to boost its oil production in Kentucky.

The project located on a 500 acre lease in Wayne County, WV is in close proximity to the Company's other oil producing properties. At present, the oilfield has seven completed and fully equipped oil wells producing on average 1 BOD (Barrel of oil per day) each. Six of the wells are drilled to an approximate total depth of 600' and produce from the Warsaw Limestone and the New Providence Formation (Beaver Creek). The one remaining well is drilled to an approximate total depth of 1700' and produces from the Knox Formation.

Under the terms of the joint venture entered into with OMR Drilling and Acquisition, LLC ("OMR"), the parties will take a step-by-step approach on each well to increase production. OMR will utilize its work-over rig to pull all down-hole equipment within each well. The integrity of the tubing, rods and pumps will be determined and any sub-standard parts will be replaced. The parties will then perform a light acid frac at the opening of the producing formations to remove any debris. Management's conservative projection for production for the seven wells collectively is 20 plus barrels per day based on 2.5 BOD for each Warsaw-Beaver Creek well and 6 BOD for the one Knox well. Additional drilling locations for offset wells will be identified by the parties upon completion of the individual well work. Terms of the joint venture to be disclosed upon Closing.

"We are very pleased to enter into this Joint Venture with OMR," said Wayne Anderson, President of US Natural Gas Corp. "The addition of these wells to our portfolio of producing properties complements the Company's goal of revenue growth through the addition of previously producing wells. The cost for us to bring in immediate confirmed production through this avenue is significantly lower than wildcat drilling."