19 September, 2014 - U.S. Oil & Gas Plc. - Company Update
U.S. Oil & Gas Plc.
("U.S. Oil" or the "Company")
U.S. Oil & Gas Plc (GXG London: USOP, OTC New York: USOPY), the oil and gas exploration company with assets in Nevada, makes the following announcement:
The company has received several approaches regarding partnership. Detailed discussions between the Company and several potential partners and investors are continuing, and the Company is pleased to report active and current
engagement. Confidentiality agreements have been signed by all parties.
As previously announced, drilling activities the Company hoped to carry out in Q4 of 2014 are dependent on partnership and/or further funding being finalised in the near term. As the timetable of current discussions is not under U.S.
Oil's control, shareholders are advised that the Company may not now meet this schedule.
The plan to carry out surveys local to Eblana 1 in order to fine-tune the targeting of the next drill has now been subsumed in a larger survey programme, which forms part of the current partnership/funding discussions. The Company
believes that it is in its interests to await the outcome of these discussions instead of proceeding unilaterally with further surveys, thus avoiding duplication of activities.
CEO Brian McDonnell said:
`We are currently engaged in active discussion of several proposals with potential partners, and these discussions include further survey activity on our Hot Creek Valley property. We are keen that the Company's programme,
designed to raise our Contingent Resources to Proved Reserves, moves forward as quickly as possible, and we are confident that good progress is being made.
The Board understands that this process has taken longer than many had hoped but ask that shareholders give the Company the benefit of patience at this important time. We are excited by our prospects in Hot Creek Valley, confident
in the potential of our asset, and we look forward to the next stages in a vigorous programme of exploration and development.'
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS
Neither this announcement nor the information contained herein constitutes an offer or solicitation by U.S. Oil and Gas plc for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful.
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
James Dewhurst +44 (0) 20 7448 9820
Email : firstname.lastname@example.org
ADR Broker Desk, Deutsche Bank
Simon Davies and Richard Willis
Tel: +44 (0) 20 7547-6500
Fax: +44 (0) 20 7547-9995
Tel: +1 212 250-9100
Fax: +1 732 544-6346
About American Depositary Receipts (ADRs)
An ADR is a negotiable certificate that represents ownership in securities of a non U.S. company. ADRs are issued by a sponsoring U.S. bank and denominated in U.S. dollars. An ADR represents a specified number of shares (or one share) in
a foreign stock that is traded on a U.S. exchange.
ADRs allow foreign companies shares to be traded in a similar manner to shares in U.S. companies on the New York Stock Exchange (NYSE), the American Stock Exchange (AMEX), Nasdaq and the over-the-counter (OTC) market. ADRs enable U.S.
citizens to acquire shares in a foreign company without the need for cross border or cross currency transactions. Any dividends and capital gains are in U.S. dollars.
About U.S. Oil & Gas
U.S. Oil & Gas plc, (GXG London: USOP, OTC New York: USOPY), 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 & Gas PLC.
For further information please refer to our website at: www.usoil.us