Provides Update on Marina Permits
ST. PETERSBURG, FL / ACCESSWIRE / December 23, 2015 / Sylios Corp (PINKSHEETS: UNGS), a holding company with operations engaged in the exploration and development of oil and natural gas properties, site specific real estate development and investments in equities and corporate debt is pleased to announce that it reached an agreement to acquire royalty interests in crude producing wells located in Tennessee.
On December 18, 2015, the Company reached terms to acquire additional royalty interests in three producing wells located in Tennessee. The Company has also agreed to purchase a royalty interest in a newly drilled well located in Overton County, TN in the event the well is successful in delivering crude.
The first interest is a 5% royalty on the Newberry well located in Overton County, TN. The Newberry well is drilled to a depth of approximately 800' with production from the Ft. Payne formation. The second interest is a 5% royalty on the Nicholas well located in Pickett County, TN. The Nicholas well is drilled to a depth of approximately 1700' with production coming from the Knox and Stones River formations. The third interest is an additional 5% royalty in the Green well located in Fentress County, TN. The Company purchased its first interest in the Green well in September 2015.
On September 16, 2015, the Company entered into an Agreement to acquire interest in two oil wells. The royalty purchases were funded on the same date through a loan from an accredited investor. The Company has repaid the loan in full through royalty payments made to it from production. The Company intends to utilize this same investment structure in the purchase of the new royalty interests.
As an update on the Company's marina development joint venture, site plans have been submitted for review to the Miami Dade County Department of Environmental Resources Management ("DERM"). Initial field studies have been completed by DERM while the developers await comments prior to the submission of the final design. Once preliminary approval is received by DERM, the development team will submit the final permit applications to the Army Corp of Engineers, Department of Environmental Protection and the City of Aventura.
About Sylios Corp
Sylios Corp, based in St. Petersburg, FL, is a holding corporation with operations engaged in the exploration and development of oil and natural gas properties and investments in equities and corporate debt.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. Additional risks and uncertainties are set forth in the Company's Unaudited Annual Report for the year ended December 31, 2014, which can be found on the OTC Markets website, www.otcmarkets.com.
SOURCE: Sylios Corp
(December 23, 2015 - 2:38 PM EST)
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