27 July, 2012 - U.S. Oil & Gas Plc - Placing of Ordinary Shares
U.S. Oil & Gas Plc.
("U.S. Oil" or the "Company")
Placing of Ordinary Shares
U.S. Oil & Gas plc (GXG: USOP), an oil and gas exploration company focused on Nevada, USA, is pleased to announce that it has conditionally placed 284,019 New Ordinary Shares (the "Placing Shares") at a price of STG 4.00 per share (the "Placing" to raise gross proceeds of circa $1,785,167.
* Placing is to raise $1,785,167;
* Net proceeds provide immediate boost to US Oil's existing working capital position;
* Allows additional headroom for proceeding with Eblana #1 workover programme, drilling Eblana #2 and
extending survey activities to the Company's full acreage.
CEO Brian McDonnell said, 'This fund raising is a prudent step allowing for contingencies as we move ahead with our planned workover and exploration activities.'
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)7791892509
Notes to Editors
U.S. Oil & Gas plc is a GXG 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.
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