U.S. Oil and Gas PLC
(“USOIL” or “the Company”)
USOIL, the Oil and Gas exploration company with exploration assets in Nye County Nevada makes the following announcement.
1,000,000 ordinary shares of ?0.0001 each, with one right to vote each, in the Company (“Ordinary Shares”) held by a former director Mr. Nial Ring have been gifted back to the Company at nil consideration. This is part of a share allocation adjustment following an overgenerous allocation of shares to him prior to the Company’s flotation. The 1,000,000 Ordinary Shares represent 2.66% of the issued ordinary share capital of the Company.
Following the events described above, Mr. Nial Ring has no notifiable interest in the Company.
— ENDS —
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT
For further information contact:
U.S. Oil and Gas plc
Brian McDonnell, Chief Executive Officer+353 (0) 872383419
SVS Securities plc – PLUS Corporate Adviser
Peter Ward / Alexander Brearley+44 (0)20 7638 5600
SVS Securities plc – Broker
Ian Callaway / Alex Mattey+44 (0)20 7638 5600
Notes to Editors
USOil and Gas plc is a PLUS (Ticker: USOP) listed 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 in to marketable opportunities for the medium and large-sized oil companies. The Company’s main asset is in Nye County, Nevada where it holds the entire share capital of the US-based company Major Oil International LLC. Major Oil has acquired, and intends to acquire, rights to exploration and development acreage in two high potential resource areas 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: www.usoil.us
U.S. OIL AND GAS PLC
(END) Dow Jones Newswires
May 03, 2011 11:45 ET (15:45 GMT)