SOURCE: IO News Wire

IO News Wire

January 07, 2010 04:00 ET

(OTC: USOG) Successful Acquisition and Plans for Further Expansion

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by the IO News Wire.

NEW YORK, NY--(Marketwire - January 7, 2010) - United States Oil & Gas Corp (PINKSHEETS: USOG) announced yesterday that it has successfully closed on its acquisition of United Oil, a North Dakota based distributor of refined fuels and other oil-based products for a combination of cash, stock and promissory note.

US Oil & Gas has strategically acquired an $8 million dollar a year in revenue business to help expand its operations into the supply and retail side. United has significantly added over 150 new customers which will add significant revenue as propane comes into higher demand due to its relative "cheap" price compared to home heating oil and recent legislation pushing for more natural gas usage.

As of the most recent data by ICF International, propane retains the highest market share of any heating source in the West North Central area of the country at 62%. And is expected to decline in usage less then 1% year over year.

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