U.S. OIL and GAS plc's (Ticker: USOP) core activities are in the USA, with ongoing exploration activity in Nevada where the company holds a large lease acreage.

12 August 2011 - US Oil and Gas plc - Share Transfers

TIDMUSOP

12 August 2011

U.S. Oil and Gas PLC

("USOIL" or "the Company")

Share Transfers

U.S. Oil and Gas plc (PLUS: USOP), the oil and gas exploration company with exploration assets in Nye County, Nevada makes the following announcement.  Further to the announcement made on 25 May 2011, GeoDynamics Research S.r.l ("Geodynamics") has taken, under the terms of their agreement, 98,923 ordinary shares in the capital of the Company in lieu of payment in relation to part of the seismic surveying work undertaken on the Company's current project. The figure of 98,923 ordinary shares was agreed on 11 July 2011. The aforementioned 98,923 ordinary shares have today been transferred to Geodynamics from the Company's treasury. Following the aforementioned transfer, the Company now holds 746,077 ordinary shares in its treasury, which represents 1.80% of the issued ordinary share capital of the Company.

THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT

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For further information contact:

U.S. Oil and Gas plc

Brian McDonnell, Chief Executive Officer +353 (0) 872383419

 

SVS Securities plc 

PLUS Corporate Adviser Peter Ward / Alexander Brearley+44 (0)20 7638 5600

SVS Securities plc - Broker Ian Callaway / Alex Mattey+44 (0)20 7638 5600 ian.callaway@svssecurities.com

 

Notes to Editors

US Oil and Gas plc is a PLUS (Ticker: USOP) listed oil and gas exploration company with a strategy to identify and acquire oil and gas assets in the early phase of the upstream life-cycle and mature them in to marketable opportunities for the medium and large-sized oil companies. The Company's main asset is in Nye County, Nevada where it holds the entire share capital of the US-based company Major Oil International LLC. Major Oil has acquired, and intends to acquire, rights to exploration and development acreage in two high potential resource areas in Hot Creek Valley, Nye County, adjacent to the oil and gas rich Railroad Valley area of Nevada, both of which are part of the Sevier Thrust of central Nevada and western Utah, USA. For further information please refer to our website at: www.usoil.us

U.S. OIL AND GAS PLC U.S. OIL AND GAS PLC

(END) Dow Jones Newswires

August 12, 2011 06:36 ET (10:36 GMT)