U.S. Oil and Gas plc
(“USOIL” or “the Company”)
U.S. Oil and Gas plc (PLUS: USOP), the oil and gas exploration company with exploration assets in Nye County, Nevada, makes the following announcement.
U.S. Oil and Gas Plc announces that Mr. Nial Philip Ring, Executive Director, has notified the Board of his intention to leave the Company, with effect from today. Mr. Ring, a co-founder of U.S. Oil and Gas plc, has advised that he wishes to devote more time to other business interests.
Mr James Guiry, Chairman of USOIL, said:
“USOIL and its Board acknowledge the difficult challenge to balance the skills contributions of all board members. However, the board has benefited greatly from Nial’s enthuastic effort and support and may seek to benefit from his advice going forward. We wish him the very best for success in the future.”
Nial Ring, a co-founder of USOIL, said:
“It is a great pleasure to have been involved in the growth and development of USOIL since its inception. I am going to pursue other earlier stage interests and will continue to be supportive and, if appropriate, advise the Company in its endeavours. I wish both the board and the Company every success in the future”.
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT.
For further information contact:
US 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
Notes to Editors
US Oil 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 into 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 14, 2010 10:42 ET (14:42 GMT)
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