16 December 2014 - U.S. Oil & Gas Plc. - Announcement
U.S. Oil & Gas Plc.
("U.S. Oil" or the "Company")
GXG Market suspension
On the afternoon of 15 December 2014, GXG Markets communicated to the Company its decision to suspend the trading of the Company's securities with effect December 16, 2014, pursuant to Rule 24.1.d.
Rule 24.1.d states that GXG may suspend the trading of Securities where the protection of investors so requires.
The Company responded to GXG by addressing as many concerns as possible within the minimal time allowed and requested 24 hours to respond fully to the issues raised.
In response to the GXG action, the Company makes the following points:
1. It appears that allegations from a group of shareholders about the veracity of the Company's statements formed the basis of the GXG decision. The Company vigorously denies the allegations and stands by its statements.
2. In the same letter that informing the Company of the suspension, GXG requests that clarification be sent to them by January 5th 2014 (sic). Presumably 2015 was intended, but contradicting GXG's own stated position, a regulatory decision was taken without waiting for the Company's response.
3. The Company deplores the actions of the shareholders concerned in these repeated attempts to destabilise the Company by vexatious complaints to regulators and deeply regrets the potential damage done to the interests of the Company at this crucially important time in US Oil's programme.
4. The Company will do everything in its power to reassure GXG Markets and potential industry partners with whom it is currently in discussions regarding the wholly unfounded and unjust nature of the allegations made.
The full text of the GXG letter is may be downloaded from the Company website at http://www.usoil.us/?q=node/172
The Company's request to the GXG markets, asking for 24 hours to address the concerns raised can also be downloaded at http://www.usoil.us/?q=node/172
Extraordinary General Meeting (EGM)
As soon as the relevant processes and procedures allow, the Board of US Oil and Gas will call an EGM of the Company at which it will present a proposed programme of action for the consideration of shareholders.
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
David Scott +44 (0) 20 7448 9820
James Dewhurst +44 (0) 20 7448 9820
Email : email@example.com
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