This was the first and only issue. It also included Beyond Hell, The Earth-Stealers, and Speed Will Be My Bride, and included interior art by Jack Kirby, Joe Simon and Alex Schomburg.
The cover itself is a bit of a mystery. The ISFDB and Wikipedia lists it as a Norman Saunders, but NormanSaunders.com disagrees, and to me it looks nothing like Saunders’ work. ComicsBookStories has it tagged as H.J. Ward, which looks slightly more plausible, but still seems unlikely.
UPDATE: It’s John Walter Scott!
The entire issue can be downloaded here
Satan of the South Sea Spreads Evil Tentacles to Guard the Treasures of the Deep