AUSTIN, TX, Apr 06, 2010 –United States Oil & Gas Corp (PINKSHEETS: USOG), an oil and gas products, services and technology company, announced today that its annual report containing audited consolidated financial statements for the year ended December 31, 2009 is now available at www.otcmarkets.com. In addition, a copy of the annual report is posted on the company’s website (www.usaoilandgas.com).
CEO Alex Tawse commented, “Now that our audit and annual report are complete, we plan to file our Form 10 with the SEC to register our common stock under the Securities Exchange Act of 1934, as amended. Filing is an important milestone in our development. It will enable us to better communicate with our stockholders, the investment community and the broader market.”
Noted in its annual report, with the consolidation of the Turnbull Oil acquisition which closed in May 2009, the Company posted total assets on a consolidated basis of approximately $6 million with a net loss of approximately $840,000 from sales of approximately $9 million for the year ended December 31, 2009. The acquisition of United Oil & Gas of Bottineau, North Dakota, the Company’s second major acquisition, was finalized as of January 1, 2010.
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 acquisition, United Oil & Gas, Inc., in January 2010.
This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried to identify these forward-looking statements using words such as “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “potential” and similar expressions. These statements reflect the Company’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 the Company’s actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company 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.