US Oil and Gas plc
(“US Oil” or “the Company”)
Company Update
U.S. Oil and Gas (PLUS: USOP), with exploration assets in Nevada, USA, announces the following Company update.
Shares Suspension and Appointment of a Corporate Advisor
On August 23rd last, the Company’s shares were suspended from trading by PLUS Markets in accordance with Rule 78 of the PLUS Rules for Issuers. US Oil and Gas continues to cooperate with the Plus Regulator, and the directors believe that satisfactory progress has been made.
The company has met with a number of PLUS regulated corporate advisors and will be announcing an appointment in due course.The directors believe that the expected appointment will materially assist in achieving the lifting of the suspension.
Application for Permit to Drill (APD) and Appointment of a Drilling Contractor
The APD was filed with the US Department of the Interior on 19 October 2011. USOIL is working with the Bureau of Land Management (BLM) to clarify normal operational technical questions in relation to the APD and expects permit approval in due course. The company will shortly announce the selection of the drilling company and spudding-in datefor Eblana #1. The Company also intends filing the APD for Eblana #2 in the near future.
Competent Person’s Report
The Company has engaged the services Forrest A. Garb & Associates, Inc, International Petroleum Consultants to prepare a Competent Persons Report to review all data and prospective resources for its entire lease acreage in Hot Creek Valley, Nevada. The company anticipates working with Forrest Garb as independent processes and data auditors throughout the forthcoming drilling campaign. Their role will also include devising and maintaining the formal data store required for the reserves classification process which may be undertaken in due course.
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
Lionsgate Communications – Financial Public Relations
Natalia Egorova +44 (0)7500 828771
Notes to Editors
U.S. Oil and Gas plc is a PLUS-quoted (Ticker: USOP) 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 maturethem. 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 developmentacreagein Hot Creek Valley, Nye County, adjacent to the oil and gas rich Railroad Valley area of Nevada, bothofwhich are part of the Sevier Thrust of central Nevada and western Utah, USA.
US Oil has completed extensive surveys of its Hot Creek lease area, generating 18 datasets using the following survey methods: Gravity and Magnetic Resonance, Geochemical, 2-D Seismic, Landsat remote sensing,Geophysical studies, Conodont Alteration Index (CAI), Pyrolysis (TOC), Vitronite Reflectance-VisualKerogen(TAI),2-D Passive Seismic (IPDS) and 3-D Passive Seismic.
For further information please refer to our website at: www.usoil.us
U.S. OIL AND GAS PLC
(END) Dow Jones Newswires
December 09, 2011 13:00 ET (18:00 GMT)
###