SOURCE: US Oil & Gas Corp

US Oil & Gas Corp

January 19, 2010 04:00 ET

Revenues at United States Oil & Gas Corporation's Wholly Owned Operating Subsidiary Total $4.5 Million During 4Q09

AUSTIN, TX--(Marketwire - January 19, 2010) - United States Oil & Gas Corporation (PINKSHEETS: USOG), a growing oil and gas products, services and technology company, today released preliminary 4Q09 results for operations at its profitable Kansas-based subsidiary, Turnbull Oil.

For the quarter ended December 31, 2009, Turnbull Oil generated $4,400,000 in sales revenue and posted $278,000 in Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA).

The annual audit for the full-year 2009 results are in the process of being finalized by a certified Public Company Accounting Oversight Board (PCAOB) firm, and will be available when completed. The company generated $16,500,000 in revenue and $447,000 in EBITDA in fiscal year 2008. Turnbull Oil was acquired by USOG in May 2009.

Alex Tawse, CEO of USOG, commented: "Turnbull's sales exceeded forecasts in large part due to increased demand for its fuels as colder weather gripped much of the Midwest. Despite missing five business days due to winter storms, Turnbull was able to deliver another excellent performance. Because it has strong and consistent margins on its fuels and a relatively large, established customer base, the business is able to turn a profit and increase revenue even in a down economy. We are extremely proud of USOG's growth to date and have targeted a third acquisition of a regional oil and gas distribution company by year-end."

Along with the acquisition of United Oil of Bottineau, North Dakota which USOG purchased this month, Turnbull is a wholly owned operating subsidiary of USOG.

About United States Oil & Gas Corp. (USOG.PK)

United States Oil & Gas Corp. is focused on acquiring and growing domestic oil and gas services companies. The company targets small to mid size family-run businesses with historically profitable results, strong balance sheets, high profit margins, and solid management teams in place. The company made its first acquisition, Turnbull Oil, in May 2009, and its second, United Oil & Gas, Inc. on January 1, 2010. In addition to its acquisition strategy, the company intends is to acquire and/or develop and deploy proprietary technologies that will explore or extract oil and gas trapped in the earth using the latest technologies that create the smallest ecological footprint as possible. The company has two patents pending that support this ancillary strategy but does not rely on revenue generation from this technology in its financial projections.

This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. USOG has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect USOG's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause USOG's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. USOG undertakes no obligation to update or provide advice in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.

Contact Information

  • Contact:
    Marcia Levy
    Investor Relations
    Email Contact
    United States Oil & Gas Corp.
    11782 Jollyville Road, Suite 211B
    Austin, Texas 78759, USA