U.S. Oil & Gas Plc.
(“US Oil” or the “Company”)
Placing of Ordinary Shares
U.S. Oil & Gas Plc, (“USOIL” or the “Company”), the oil and gas exploration company with assets in Nevada, is pleased to announce that it has placed with private investors 1,271,934 new ordinary shares of .0001 Euro each (the “Placing Shares”) at a placing price of STG .27 per share including a share premium of .3199 Euro on each Placing Share to raise gross proceeds of circa $423,620. Each Placing Share will rank pari passu with each ordinary share currently in existence.
The proceeds of the placing will be used to provide US Oil with additional working capital. The net proceeds to be received by the Company are circa $423,620. The 1,271,934 Placing Shares will shortly be issued through CREST.
Following the placing, the issued share capital of the Company will increase to 48,556,449 ordinary shares of .0001 Euro each. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.
The following parties have an interest of more than 3% in the shares of the Company:
Name No of Shares Percentage holding
Brian McDonnell 3,913,234 8.05%
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS
ANNOUNCEMENT
Neither this announcement nor the information contained herein constitutes an offer or solicitation by U.S. Oil and Gas Plc for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful.
For further information contact:
Brian McDonnell, Chief Executive Officer +353 (1) 631 9022
Alexander David Securities Ltd – Corporate Finance Adviser
David Scott +44 (0) 20 7448 9820
James Dewhurst +44 (0) 20 7448 9820
Email: [email protected]
Definitions: The terms ‘Reserves’ and ‘Contingent Resources’ are as defined in the ‘Petroleum Resources Management System’ of the Society of Petroleum Engineers.
About U.S. Oil & Gas:
U.S. Oil & Gas plc is an oil and gas exploration company with a strategy to identify and acquire oil and gas assets in the early phase of the upstream life-cycle and mature them. The Company’s
main asset is in Nye County, Nevada where it holds the entire share capital of US-based company, Major Oil International LLC (“Major Oil”). Major Oil has acquired rights to exploration and development acreage in Hot Creek Valley, Nye County, adjacent to the oil and gas rich Railroad Valley area of Nevada, both of which are part of the Sevier Thrust of central Nevada and western Utah, USA.
In a May 2013, an independent Competent Person’s Report (CPR) by Forrest A. Garb & Associates (FGA) of Houston, Texas, estimated 19.2 million barrels Contingent Resources (C50) for a portion of the Company’s lease area in Hot Creek Valley Nevada. Since then, the Company’s stated intention has been to achieve Reserves status for some part of those estimated Resources.
For further information please refer to our website at: www.usoil.us
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