Bayport International Holdings, Inc. Updates Shareholders on Closing of Oil and Gas Assets
TULSA, OK / ACCESSWIRE / July 31, 2014 / Bayport International Holdings, Inc. (OTC Pink: BAYP). Today we are pleased to announce that the Company is one step closer to completion of the 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 closing date.
James Porter, President of Bayport International Holdings, Inc., is pleased to announce the culmination of negotiations, completion of our due diligence, financing having been arranged and the final contract, with Sylios Corporation for the purchase of E3 Petroleum and the assets of US Gas Corporation in Wayne County West Virginia, has been signed. Closing should occur in the next few days.
Next week will begin the launch of Bayport International Holdings largest oil and gas project to date. We will begin turning on the first of one hundred and twenty five (125) wells and nearly 22 miles of gas gathering lines and will begin gas sales soon thereafter. We will continue to keep our shareholders updated on our progress.
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Source: Bayport International Holdings, Inc.