Subsidiaries



The Company’s current operations are divided amongst three wholly owned subsidiaries: US Natural Gas Corp KY, US Natural Gas Corp WV and SLMI Options, LLC. In 2017, the Company completed the spin-off to shareholders of two wholly owned subsidiaries: The Greater Cannabis Company, Inc. and AMDAQ Corp.

US Natural Gas Corp KY

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.

WHITLEY COUNTY, KENTUCKY WELLS

WELL NAME

TOTAL DEPTH (a)

STATUS (b)

PRODUCT (c)

HOBERT WHITE #1

1303

SI

NG

MILTON HARMON #1

1758

SI

NG

SOUTH CENTRAL KENTUCKY OIL WELLS

WELL NAME

COUNTY

TOTAL DEPTH (a)

STATUS (b)

PRODUCT (c)

JAMES BRUMMETT #1

ADAIR

1562

SI

O

JAMES BRUMMETT #2

ADAIR

1439

SI

O

JASON CAMFIELD #1

ADAIR

750

SI

O

J.C. LASLEY #1

ADAIR

1620

SI

O

J.C. LASLEY #1A

ADAIR

1565

SI

O

J.C. LASLEY #2

ADAIR

1574

SI

O

J.C. LASLEY #5

ADAIR

1657

SI

O

COLBY SMITH #1

ADAIR

 1680

SI

O

D&M FARMS #1

HART

 2250

SI

O

RANDY HATCHER #1

ADAIR

 1574

SI

O

TROY ISOM #1

MORGAN

 1705

SI

NG

  1. - Total Depth as per completion report
  2. - Status
    1. PR - In Production
    2. PL - Plugged
    3. SI - Shut-In
  3. - Product
    1. O - Oil production
    2. NG - Natural Gas production
    3. O/NG - Both Oil & Natural Gas production
ROYALTIES HELD (as NON-OPERATOR)

WELL NAME

COUNTY

% ROYALTY

STATUS (b)

PRODUCT (c)

GREEN 7-3-TW

FENTRESS

15

PR

O

JAMES PHARIS K-1

CUMBERLAND

5

SI

O

NEWBERRY

OVERTON

5

PR

O

NICHOLAS

PICKETT

5

SI

O

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.

US Natural Gas Corp WV:

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.

SLMI Options, LLC

SLMI Options, LLC (“SLMI”) is a wholly owned subsidiary that was acquired through a Lender acquisition Agreement with SLMI Holdings, LLC in September 2009. The sole purpose of the acquisition of SLMI was to hold three commercial notes issued by Wilon Resources, Inc., (formerly "Wilon Resources of Tennessee, Inc.') in the years 2005 through 2007. There has been no additional operational activity of SLMI.