05 April, 2012 - U.S. Oil & Gas Plc - Delisting of Company from PLUS Exchange
U.S OIL & GAS Plc Delisting of Company from PLUS Exchange
5, April, 2012
U.S. Oil & Gas Plc.
("U.S. Oil" or the "Company")
Delisting of Company from PLUS Exchange
U.S. Oil & Gas plc (PLUS: USOP), the oil and gas exploration company with its main asset in Nevada, USA, announces that it has been delisted from the PLUS Exchange under Rule 79 effective as of April 4, 2012. Rule 79 provides PLUS Regulation with a discretion to withdraw issuers from the PLUS-quoted market and clarifies that PLUS Regulation will withdraw the securities of an issuer no later than six months after the date of suspension.
The Board of US Oil & Gas is surprised at the PLUS decision, as it had been led to believe that dialogue was continuing. The Company will now examine all its options and will shortly announce an alternative trading platform for its shares.
Meanwhile operational progress continues to be made in Nevada, and further announcements in that regard will be made shortly.
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
Jonathan Charles +44 (0)77791892509
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