U.S. Oil & Gas Plc.
(“U.S. Oil” or the “Company”)
Update and Market Clarification
USOP has been notified by GXG Markets that a number of emails have been
received by GXG Markets suggesting that the Company would believe the Due
Diligence Report requested by GXG Markets is merely a formal procedure and that
suspension will be lifted as soon as possible.
The Company cannot be held responsible for the opinions of third parties and
wishes to clarify that in welcoming the report it is not prejudging its content
The Due Diligence Report requested by GXG Markets has been request pursuant to
the on-going regulatory issue and investigation undertaken by the GXG
Regulatory Team as a part of the investigation. Any lifting of the Company’s
suspension of its shares is dependent on the findings by the GXG Regulatory
Team in the on-going regulatory investigation. The Due Diligence Report serves
as a part of that investigation and will be part of the grounds on which the
GXG Regulatory Team concludes its findings.
Recent internet speculation has implied that the Company was informed by GXG of
the appointment of a Due Diligence partner shortly after the decision by the
GXG Regulatory Team to commission a Due Diligence Report from the Company as a
part of the GXG Market regulatory investigation. The Company wishes to correct
the impression in the market that the Company was withholding the name of a Due
Diligence partner as the Company was only informed by GXG on 5 March, 2015.
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS
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
ADR Broker Desk, Deutsche Bank
Simon Davies and Richard Willis
Tel: +44 (0) 20 7547-6500
Fax: +44 (0) 20 7547-9995
Tel: +1 212 250-9100
Fax: +1 732 544-6346
About American Depositary Receipts (ADRs)
An ADR is a negotiable certificate that represents ownership in securities of a
non U.S. company. ADRs are issued by a sponsoring U.S. bank and denominated in
U.S. dollars. An ADR represents a specified number of shares (or one share) in
a foreign stock that is traded on a U.S. exchange.
ADRs allow foreign companies shares to be traded in a similar manner to shares
in U.S. companies on the New York Stock Exchange (NYSE), the American Stock
Exchange (AMEX), Nasdaq and the over-the-counter (OTC) market. ADRs enable
U.S.citizens to acquire shares in a foreign company without the need for cross
border or cross currency transactions. Any dividends and capital gains are in
About U.S. Oil & Gas
U.S. Oil & Gas plc, (GXG London: USOP, OTC New York: USOPY), 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.
For further information please refer to our website at: w