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.
Karim Akrawi, the recently appointed Exploration Manager, has exercised a right contained in the terms of his employment, which relates to him taking 100,000 ordinary shares in the capital of the Company in lieu of payment. The aforementioned 100,000 ordinary shares were transferred to Mr Akrawi from the Company’s treasury on 20 July 2011.
In addition, 55,000 ordinary shares were transferred to Peter Whelan from the Company’s treasury on 14 July 2011, for services rendered.
Following the aforementioned transfers, the Company now holds 845,000 ordinary shares in its treasury, which represents 2.25% of the issued ordinary share capital of the Company.
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
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 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 NewswiresJuly 21, 2011 11:12 ET (15:12 GMT)