Sylios Corp was organized as a Florida Corporation on March 28, 2008 under the name of Adventure Energy, Inc.
Sylios Corp is a holding corporation, which through its subsidiaries, has operations engaged in the exploration and development of oil and natural gas properties. The Company maintains equity investments in our two spin-offs catering to the medical and recreational marijuana industry and blockchain technology.
Our operations are currently divided amongst three wholly owned subsidiaries, US Natural Gas Corp KY, US Natural Gas Corp WV (formerly Wilon Resources, Inc.) and SLMI Options, LLC. During the fiscal year ended 2017, the Company spun-off The Greater Cannabis Company, Inc. and AMDAQ Corp. and sold Bud Bank, Inc.
US Natural Gas Corp WV’s (‘WV”) operations were based in Wayne County, West Virginia and primarily concentrated on the production of commercially viable natural gas. On July 31, 2014, the Company and Bayport International Holdings, Inc. ("Bayport") closed on the Asset Purchase Agreement entered into between the companies on July 9, 2014. Included within the assets sold by the Company were certain leases covering mineral rights, oil and natural gas wells, certain right of ways and ancillary facilities constructed by the Company for the delivery of natural gas in West Virginia. Upon completion of the transaction with Bayport, the Company had no remaining leases, wells or activity in West Virginia.
US Natural Gas Corp KY ("KY"), a wholly owned subsidiary, concentrates on oil producing activities mainly in South-Central Kentucky where the Company has approximately 1700 acres under lease. On average, KY maintains a 95% working interest and 83% net revenue interest in each well. To date, KY has 13 wells under bond of which 0 are in production.
Our business strategy is to economically increase reserves, production, and the sale of natural gas and oil from existing and acquired properties in the Appalachian Basin and elsewhere, in order to maximize shareholders' return over the long term. Our strategic location in Kentucky enables us to actively pursue the acquisition and development of producing properties in that area that will enhance our revenue base without proportional increases in overhead costs.
We expect to generate long-term reserve and production growth through drilling activities and further acquisitions. We believe that our management’s experience and expertise will enable us to identify, evaluate, and develop natural gas projects.
We have acquired and intend to acquire additional producing oil and gas property rights where we believe significant additional value can be created. Our Management is primarily interested in developmental properties where some combination of these factors exist: (1) opportunities for long production life with stable production levels; (2) geological formations with multiple producing horizons; (3) substantial exploitation potential; and (4) relatively low capital investment production costs.
On September 12, 2017, KY entered into a Letter of Intent with TerraTech, Inc. ("TTECH"), a corporation formed under the laws of the State of Texas. Under the terms of the LOI, the Company will acquire TTECH through an Agreement and Plan of Share Exchange. KY will file Amended and restated Articles of Incorporation with the State of Florida to increase the number of Authorized shares of common stock to 500,000,000 and authorize the issuance of 5,000,000 shares of Preferred stock. The Company will issue 330 shares of its common stock for each share of common stock outstanding for TTECH. Currently, TTECH has 100,000 shares of common stock outstanding, thus the Company will be required to issue 33,000,000 shares of its common stock to the holders on TTECH'S common stock. KY and TTECH entered into an Agreement and Plan of Share Exchange dated September 22, 2017 and the Closing occurred on September 28, 2017. TTECH became a partially owned subsidiary of Sylios Corp Steven Terrell, the founder of TTECH, will remain the sole officer and director. The Company originally intended on spinning-off TTECH through a stock dividend during the fourth calendar quarter of 2017. Due to some delays with the AMDAQ Corp spin-off, management has elected to file for the spin-off during the third quarter of 2018.