US Oil and Gas plc
(“US Oil” or “the Company”)
U.S. Oil and Gas (PLUS: USOP), with exploration assets in Nevada, USA, announces the following Trading Suspension update.
On 23rd August 2011, ordinary shares in US Oil and Gas were suspended from trading on PLUS-quoted, in accordance with Rule 78 of the PLUS Rules for Issuers.
On January 25th 2012, the Company held the latest of several recent discussions with PLUS to again voice the profound concerns of the Board and shareholders at the continuing suspension of US Oil and Gas shares. The company would prefer to inform shareholders of the full details of this meeting, but PLUS has insisted that publishing such detail would not be helpful.
US Oil regrets the anxiety caused to shareholders by the suspension and by the Company’s continuing inability to communicate details of its discussions with PLUS. The Company can, however, confirm that an agreement in principle has been reached with a PLUS Markets Corporate Advisor, who is currently working with the Company, and details will be announced subject to lifting of the suspension.
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
Lionsgate Communications – Financial Public Relations
Natalia Egorova +44 (0)7500 828771
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 centralNevada 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
January 27, 2012 12:16 ET (17:16 GMT)