10 April, 2012 - U.S Oil & Gas Plc - Statement on delisting from PLUS Exchange - Correction
10 April, 2012
U.S. Oil & Gas Plc.
("U.S. Oil" or the "Company")
Statement on Delisting from PLUS Exchange Correction
On April 4 2012, U.S. Oil & Gas plc (PLUS: USOP), the oil and gas exploration company with its main asset in Nevada, USA, was delisted from the PLUS Exchange under Rule 79. Rule 79 provides PLUS Regulation with a discretion to withdraw issuers from the PLUS-quoted market.
The shares of U.S. Oil & Gas were suspended from trading on PLUS Markets on 23rd August 2011. The reason given by PLUS Markets for the suspension was a 'disorderly market'. At no stage in the PLUS investigation was the Company or its directors accused of being implicated in this in any way. At no stage have the directors been aware of the identities of those being investigated in this regard, and the directors are still unaware of those identities.
In October 2011, secondary issues of Corporate Governance were raised by PLUS as potentially requiring attention before any possible relisting. These issues were all addressed by the Company in terms of improved procedures and processes shortly after the reconstitution of the U.S. Oil & Gas Board in November 2011. The Board is fully aware of the importance of good governance and to reinforce this is currently seeking candidates for the position of senior independent non-executive director.
The Board recognises that the PLUS suspension of trading has been a source of great concern and inconvenience for shareholders. It has also been a difficult period for the Board. However, operations have continued, culminating in the recent announcement of a spudding-in date of May 1st 2012 for the Company's first exploration well in Nevada. Regulatory News Service announcements will continue to be made in the normal way. The Board now hopes that the resolution of these issues and the arrangement of a new trading platform to be announced shortly will enable the Company and shareholders to look forward with confidence in the future.
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:
U.S. Oil & Gas PLC
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