SOURCE: US Oil & Gas Corp.

December 29, 2009 09:11 ET

United States Oil and Gas Corporation Releases Shareholder Update and Growth Plans for 2010

AUSTIN, TX--(Marketwire - December 29, 2009) - United States Oil & Gas Corporation (PINKSHEETS: USOG), a growing oil and gas products, services and technology company, is pleased to update its shareholders as it closes out 2009 and looks ahead to the New Year.

Cold snaps and winter storms that have recently hit the midwest and northern plains states are increasing demand for the Company's fuel services and products. This has in turn driven sales volume higher and will likely contribute to revenues for the fourth quarter that will be above expectations. Details of the Company's earnings will be provided after the quarter ends.

Following what was already a strong third quarter from Kansas farmers' harvesting record corn and soybean crops, higher demand at the Company's wholly owned subsidiary, Turnbull Oil, has necessitated an increase in the size of its hauling fleet. The Company believes this will continue to be advantageous for sales in the future as well. Because Turnbull has strong and consistent margins on its fuels and a relatively large, established customer base, the business has been able to turn a profit and increase revenue even in a down economy.

Furthermore, due to the overall higher demand, additional fuel storage tanks are required at the Company's pending acquisition in North Dakota. Twenty new propane customers were added in the second week of December alone.

Having accomplished two of its primary strategic goals, the acquisition of Turnbull and United (to take effect January 1), the Company is looking forward to building on its success and continuing to deliver value to its shareholders in 2010.

What to look for in 2010:

1. On January 1, the completion of USOG's acquisition of North Dakota-based United Oil as a wholly owned operating subsidiary. Terms were finalized earlier this month to take effect immediately starting in the New Year. United is expected to generate $8 million in revenues for the year ending December 31, 2009. Although, based on recent positive trends, that amount is likely to be higher.

2. USOG is currently taking steps to move off the Pink Sheets and to the OTC Bulletin Board (OTCBB). The Company intends to move to a more regulated exchange to enhance communication with shareholders and ensure corporate transparency.

3. Opportunity to significantly expand Turnbull's operations in the region through several acquisition candidates available.

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

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.

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