SOURCE: US Oil & Gas Corp

US Oil & Gas Corp

May 19, 2010 04:00 ET

United States Oil and Gas Corp Subsidiary Completes 2009 Audit

AUSTIN, TX--(Marketwire - May 19, 2010) -  United States Oil and Gas Corp (PINKSHEETS: USOG), an oil and gas products, services and technology company, today announced that audited financials for its wholly owned operating subsidiary, United Oil & Gas, Inc. ("United"), for the period ended December 31, 2009 have been successfully completed. The independent auditing firm of Widmer Roel PC, conducted its audit in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB). The auditor's opinion stated that the financial statements "present fairly, in all material respects, the financial position of United."

Chairman and CEO Alex Tawse commented, "United's audit was conducted separately because the acquisition was effective January 1, 2010. Going forward, United's financials will be reported on a consolidated basis with our other operating subsidiary, Turnbull Oil which is located in Plainville, Kansas. We are pleased with the progress our team has made, and look forward to the benefits we expect from the synergies across business units."

United sells and distributes refined oil and gas products such as diesel, gasoline, propane, and lubricants, and operates a convenience store in Belcourt, North Dakota. Sales of fuel are made throughout North Dakota, South Dakota, and Montana. Total assets as of December 31, 2009 were $437,997. A net loss of $135,000 on sales of $4.3 million were reported for the year then ended.

About United States Oil and Gas Corp (PINKSHEETS: USOG)

United States Oil and 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 acquisition, United Oil & Gas, Inc., in January 2010. For more information please visit the Company's website at www.usaoilandgas.com.

This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company'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 the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company 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. Refer to "Item 1A - Risk Factors" in our registration on Form 10 filed with the Securities and Exchange Commission for a discussion regarding our exposure to risks. Additionally, new risk factors emerge from time to time and it is not possible for us to predict all such factors, nor to assess the impact such factors might have on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

Contact Information

  • Contact:
    Marcia Levy
    Investor Relations
    +1-512-464-1225
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