14 February 2013 - U.S. Oil & Gas Plc - Award of Share Options Clarification
U.S. Oil & Gas Plc.
("U.S. Oil" or the "Company")
Award of Share Options Clarification
It has been represented to the Company by GXG Markets that the announcement made to the market on 6 February 2013 concerning the award of share options was subject to inordinate delay. The Company unreservedly accepts a reprimand issued by GXG Markets in this regard and expresses its regret.
At the US Oil & Gas Annual General Meeting on 31 August 2012, authority was given by shareholders to the Company to allot up to 6% of the ordinary share capital in a Share Option Scheme. On 22 November 2012, the Board agreed to award 2,455,000 shares at prices of £0.65 and £0.68. The meeting of the Company's Remuneration Committee confirming the awards was held on 23 January 2013. The delay in the meeting of the Remuneration Committee was caused by a procedural holdup and the unavailability of one of the Company's directors.
It is the opinion of GXG Markets that the proposed price for these options should, for the sake of a transparent share price and the running of an orderly market, have been announced at an earlier date. The Company unreservedly accepts that details of the award should have been announced promptly.
GXG Markets is satisfied with the Company's explanation of the events surrounding the approval and subsequent issuing of the options. US Oil & Gas plc has therefore been issued with a reprimand in connection with this matter. GXG Markets considers the issuing of the reprimand a suitable and appropriate action and brings the matter to a close as far as the Market is concerned.
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT
For further information contact:
Brian McDonnell, Chief Executive Officer +353 (0) 87 238 3419
Alexander David Securities Ltd - Corporate Finance Adviser
Fiona Kinghorn/David Scott +44 (0) 20 7448 9800
Jonathan Charles +44 (0)779 189 2509
Simon Kiero-Watson +44 (0) 20 7653 1935
Alex Benger +44 (0) 20 7653 1935
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.
For further information please refer to our website at: www.usoil.us