20 March, 2012 - U.S. Oil & Gas plc - Award of Permit to Drill
20th March, 2012
U.S. Oil & Gas Plc.
("U.S. Oil" or the "Company")
Award of Permit to Drill
U.S. Oil & Gas plc (PLUS: USOP), the oil and gas exploration company with its main asset in Nevada, USA, is pleased to announce that the Nevada Bureau of Land Management has approved a permit to drill its first exploration well, Eblana #1 well on its Hot Creek Valley property. The Application for Permit to Drill (APD) was awarded to Major Oil International LLC, a wholly owned subsidiary of U.S. Oil & Gas.
The Company intends to begin earthworks mobilisation immediately, and will announce a spudding-in date in due course.
CEO Brian McDonnell said, 'The award of a drilling permit is the culmination of many months of effort by the Company and marks the most important milestone in U.S. Oil's history to date. We now look forward to finalising logistical arrangements in preparation for the drill.'
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 20, 2012 06:00 ET (10:00 GMT)