March 6, 2012 - U.S Oil & Gas Plc - Acquisition of Additional Acreage
Acquisition of Additional Acreage
6th March, 2012
U.S. Oil & Gas Plc.
("U.S. Oil" or the "Company")
Acquisition of Additional Lease Acreage
U.S. Oil & Gas plc (PLUS: USOP), the oil and gas exploration company with its main asset in Nevada, USA, is pleased to announce it has acquired additional lease acreage in Hot Creek Valley. Through its wholly owned subsidiary, Major Oil International LLC, U.S. Oil has leased three new lots, totaling 6,482 acres and contiguous with existing acreage, from the Nevada Bureau of Land Management. The company's total acreage position in Hot Creek Valley is now 22,221 acres (approx. 90 sq. km.).
U.S. Oil's intention in acquiring the new leases is to enhance the Company's Nevada asset, but it does not foresee expending significant exploration effort in advance of the currently planned drilling programme.
U.S. Oil's CEO Brian McDonnell said, 'With this latest acquisition, we now have what we believe to be a defined oil play. We have scoped out a targeted programme of further exploration to build on our existing knowledge base, which will be a logical next step in the development of our Nevada asset.'
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT
For further information contact:
U.S. Oil & Gas plc
Brian McDonnell, Chief Executive Officer +353 (0) 872383419
Lionsgate Communications - Financial Public Relations
Natalia Egorova +44 (0)7500 828771
Notes to Editors
U.S. Oil & Gas plc is a PLUS-quoted (Ticker: USOP) 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. The Company's main asset is in Nye County, Nevada where it holds the entire share capital of US-based company Major Oil International LLC ("Major Oil"). Major Oil has acquired rights to exploration and development acreage 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.
US Oil has completed extensive surveys of its Hot Creek lease area, generating 18 datasets using the following survey methods: Gravity and Magnetic Resonance, Geochemical, 2-D Seismic, Landsat remote sensing, Geophysical studies, Conodont Alteration Index (CAI), Pyrolysis (TOC), Vitronite Reflectance-Visual Kerogen (TAI), 2-D Passive Seismic (IPDS) and 3-D Passive Seismic.
For further information please refer to our website at: www.usoil.us
U.S. OIL & GAS PLC
(END) Dow Jones Newswires
March 06, 2012 12:00 ET (17:00 GMT)