U.S. Oil and Gas Plc. (“US Oil” or the “Company”) Update Re: Suspension of Trading U.S. Oil and Gas plc (PLUS: USOP), the oil and gas exploration company with its main asset in Nevada, USA, would like to confirm that its ordinary shares were suspended from trading on PLUS-quoted at 10.00AM on Tuesday 23rd August, in accordance with Rule 78 of the PLUS Rules for Issuers.
The Company continues to work with PLUS Stock Exchange plc in relation to the suspension and will update the market on any developments in due course. Preparations in relation to the final acquisition of data, completion of administrative procedures and ground operational plans in relation to the forthcoming three-well drilling programme are continuing as planned.
The Company will continue to update the market on any significant news regarding operations through Regulatory Information Service announcements in the normal way.
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 [email protected]
Lionsgate Communications – Financial Public Relations Natalia Egorova +44 (0)7500 828771 [email protected]
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 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 NewswiresAugust 25, 2011 09:08 ET (13:08 GMT)