19 April, 2012 - U.S. Oil & Gas Plc - Forward looking statement
19, April, 2012
U.S. Oil & Gas Plc.
("U.S. Oil" or the "Company")
Forward looking statement
U.S. Oil & Gas plc has begun earth mobilisation and site construction for drilling its first exploration well, Eblana #1. Equipment mobilisation is scheduled for April 27, 2012 and spudding of exploration well Eblana #1is planned for May 1st. Subject to the award of a Permit to Drill for well Eblana #2, the Company hopes to follow on immediately with a second drill. In the event of a successful drill and a strike, the Company will work to maximise value for investors by proving up reserves, commissioning further Competent Person's Reports and carrying out surveys on the large part of its lease area not fully surveyed at present but viewed as highly prospective.
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
Simon Kiero-Watson +44 20 7653 1935
Alex Benger +44 20 7653 1935
Notes to Editors
U.S. Oil & Gas plc (Ticker: USOP) is an 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.
U.S. 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