U.S. Oil and Gas Plc.
(“U.S. Oil” or the “Company”)
Acquisition of Additional Lease Acreage
U.S. Oil and Gas plc (PLUS: USOP), the oil and gas exploration company
with its main asset in Nevada,USA, is pleased to announce it has acquired
additional lease acreage in Hot Creek Valley. Through its wholly owned subsidiary,
Major Oil International LLC, U.S. Oil has leased two new lots,
totaling 5,000 acres and contiguous with existing acreage, from the
Nevada Bureau of Land Management. The company’s total acreage position in
Hot Creek Valley is now 15,738 acres (approx. 64 sq. km.).
U.S. Oil’s intention in acquiring the new leases is to enhance the Company’s
Nevada asset, but it does not foresee expending significant exploration effort
in advance of the currently planned drilling programme.
U.S. Oil’s CEO Brian McDonnell said, ‘These acquisitions materially increase our
exposure to the Hot Creek Valley play and consolidate our position. We know
that oil resources we have already located extend into part of the newly leased
area, and we believe the new acreage offers exciting exploration and drilling
opportunities.’
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS
OF THIS ANNOUNCEMENT
—ENDS–
For further information contact:
U.S. Oil & Gas plc
Brian McDonnell, Chief Executive Officer +353 (0) 872383419
Lionsgate Communications – Financial Public Relations
Natalia Egorova +44 (0)7500 828771
[email protected]
Notes to Editors
U.S. Oil & 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 mature them. 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 development acreage 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.
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-Visual
Kerogen (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
February 24, 2012 12:00 ET (17:00 GMT)
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