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.
As a result of the previously announced orderly market agreement, 100,000 Ordinary Shares were to be transferred from Nial Ring to Mr. Peter Whelan. These 100,000 Ordinary Shares have been temporarily placed in the nominee account of Mr. Brian McDonnell, Managing Director on 6 April 2011. The 100,000 Ordinary Shares were transferred into Mr. Brian McDonnell’s nominee account at nil consideration. Mr. Brian McDonnell notified the Company regarding this transfer of 100,000 Ordinary Shares on 14 April 2011.
The Company wishes to clarify that Mr. Brian McDonnell has had no beneficial interest in these 100,000 Ordinary Shares. The aforementioned 100,000 Ordinary Shares will be transferred to their rightful owner, Mr. Peter Whelan, in due course. Following the transfer of 100,000 Ordinary Shares, Mr. Brian McDonnell’s beneficial interest in the Company remains the same, which is 5,144,091 Ordinary Shares with one voting right each, representing 13.70% of the voting rights in the issued ordinary share capital of the Company. Following the transfer of 100,000 Ordinary Shares, Mr. Brian McDonnell’s legal interest in the Company is 5,244,091 Ordinary Shares with one voting right each, representing 13.97% of the voting rights in the issued ordinary share capital of the Company.
Included in Mr. Brian McDonnell’s holdings above are Ordinary Shares owned by Spurt Concepts Limited, a company of which Mr. Brian McDonnell is a shareholder and director, and Ordinary Shares owned by Carrefour Training and Development Ltd., a company of which Mr. Brian McDonnell is a shareholder and director and Ordinary Shares held by Mr. Brian McDonnell’s father, Bernard McDonnell.
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 09, 2011 12:21 ET (16:21 GMT)