U.S. Oil and Gas Resources Inc.

U.S. Oil and Gas Resources Inc.

February 24, 2005 12:59 ET

U.S. Oil and Gas Resources Now at 20% Earn-In Working Interest in the Iowa Oil & Gas Field


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: U.S. OIL AND GAS RESOURCES INC.

TSX VENTURE SYMBOL: USR

FEBRUARY 24, 2005 - 12:59 ET

U.S. Oil and Gas Resources Now at 20% Earn-In Working
Interest in the Iowa Oil & Gas Field

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 24, 2005) - U.S. Oil
and Gas Resources (TSX VENTURE:USR) (the "Company") wishes to provide
the following clarification in regards to its news release of February
23, 2005. The Company's now owns a twenty percent earn-in working
interest following the acquisition of the additional 5% working interest
from August Energy Corp. (PINK SHEETS: AENC), together with a 20%
interest in the Fred Denison #2 well and the existing Fred Denison #1
producing well, and the leases and production equipment located in
Southwest Louisiana.

Located about 20 miles east of Lake Charles, LA, the Iowa Field has
produced over 465 billion cubic feet of gas and over 10,000,000 barrels
of condensate and/or oil according to production records obtained from
the La. State Oil & Gas Board.



Jurgen Wolf
"Jurgen Wolf"
President



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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    U.S. Oil and Gas Resources Inc.
    Jurgen Wolf
    President
    (604) 681-1559
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.