SOURCE: US Oil & Gas Corp.

November 11, 2009 16:42 ET

United States Oil & Gas Corp. Board of Directors Approves Share Reduction to Enhance Shareholder Value and Remains Focused on Upcoming Growth

AUSTIN, TX--(Marketwire - November 11, 2009) - United States Oil & Gas Corporation (PINKSHEETS: USOG), a growing oil and gas products, services and technology company, today announced exciting news. The Company's Board of Directors as well as a majority of shareholders approved a resolution that reduces the number of Authorized Common Shares to 1.8 billion from 3.0 billion. The previous amount was a function of a prior forward split. Furthermore, the company is taking measures to restructure and possibly reduce the current number of Outstanding Shares (shown on as 998,677,620 at latest filing) to add shareholder value. It should be noted that a significant portion of the Outstanding Shares is restricted and held by a small number of loyal investors that remain focused on the company's long-term strategy and business plan.

Alex Tawse, CEO of the Company, commented, "We are pleased that the Board has taken this step. The focus remains on following a prudent course of protecting and increasing shareholder value. USOG is currently profitable and it has been able to show continued growth even in a downward economy. Nothing has changed in the operations of the Company other than to continue on our growth pattern and expansion plans."

The resolution has been filed with the State of Delaware, where USOG is incorporated, and is pending approval. In addition, USOG is in the process of effecting a move off the Pink Sheets and to the OTC Bulletin Board (OTCBB). The Company intends to list on a more regulated exchange to enhance communication with shareholders and ensure corporate transparency.

About United States Oil & Gas Corp. (PINKSHEETS: USOG)

United States Oil & Gas Corp. is focused on the domestic oil and gas services sector, acquiring oil and gas services companies with historically profitable results, strong balance sheets, high profit margins, and solid management teams in place. USOG also develops innovative technologies to increase oil and gas extraction with the smallest environmental footprint. Wholly owned subsidiary Turnbull Oil generated $16.5 million in revenue in fiscal year 2008, and recently announced new sales contracts during the third quarter to add an estimated $1.2 million in annual revenue. In addition, the company signed six new customers contracted to purchase a combination of refined fuel and lubricants over the next twelve months.

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.

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