AUSTIN, TX, Mar 10, 2010–United States Oil & Gas Corp (PINKSHEETS: USOG), a growing oil and gas products, services and technology company, announced today the extension of the maturity of its promissory note due for the purchase of its profitable Kansas-based subsidiary, Turnbull Oil. As agreed, the note will now mature at year end rather than April 2010.
Alex Tawse, CEO of USOG, commented: “We have worked closely with Turnbull to properly align our capitalization and share registration efforts. This extension makes the most sense for our shareholders. Turnbull continues to deliver solid profits and we are pleased with its steady performance.”
Preliminary January 2010 results for operations at Turnbull showed total sales were $1.5 million, a 29% increase over the same period last year. At 54% and 44%, respectively, propane and refined fuels comprise the greatest proportion of sales. Turnbull also sells other oil-based products such as lubricants, and generates revenue from the distribution of refined fuels.
Along with the profitable North Dakota-based United Oil which USOG purchased at the start of 2010, Turnbull is a wholly owned operating subsidiary of USOG. Turnbull was acquired by USOG in May 2009. The annual audit for full-year 2009 results are in the process of being finalized by a certified Public Company Accounting Oversight Board (PCAOB) designated firm.
About United States Oil & Gas Corp (PINKSHEETS: USOG) United States Oil & Gas Corp is focused on acquiring and growing domestic oil and gas services companies. The company targets small to mid size family-run businesses with historically profitable results, strong balance sheets, high profit margins, and solid management teams in place. The company made its first acquisition, Turnbull Oil, in May 2009, and its second, United Oil & Gas, Inc. in January 2010. In addition to its acquisition strategy, the company intends to acquire and/or develop and deploy proprietary technologies that will explore or extract oil and gas trapped in the earth using the latest technologies that create the smallest ecological footprint as possible. For more information please visit the company’s website at www.usaoilandgas.com
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. USOG has tried, whenever possible, to identify these forward-looking statements using words such as “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “potential” and similar expressions. These statements reflect USOG’s current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause USOG’s actual results, performance or achievements to differ materially from those expressed in or implied by such statements. USOG undertakes no obligation to update or provide advice in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.