31 March 2016 - U.S. Oil & Gas Plc. - Operations Update
U.S. Oil & Gas Plc.
("U.S. Oil" or the "Company")
U.S. Oil & Gas Plc, the oil and gas exploration company with assets in Nevada, makes the following announcement:
All permits required for re-entering the Eblana #1 well for drilling operations have now been approved by the State of Nevada Division of Minerals (NDOM) and the Bureau of Land Management of the U.S. Dept. of the Interior (BLM).
The company will now proceed with further modelling and logistics planning for the Vertical Seismic Profiling (VSP) survey, and the conditional appointment of a drilling contractor.
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 (1) 631 9022
Alexander David Securities Ltd - Corporate Finance Adviser
David Scott +44 (0) 20 7448 9820
James Dewhurst +44 (0) 20 7448 9820
Definitions: The terms ‘Reserves’ and ‘Contingent Resources’ are as defined in the ‘Petroleum Resources Management System’ of the Society of Petroleum Engineers.
About U.S. Oil & Gas:
U.S. Oil & Gas plc 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.
In a May 2013, an independent Competent Person’s Report (CPR) by Forrest A. Garb & Associates (FGA) of Houston, Texas, estimated 19.2 million barrels Contingent Resources (C50) for a portion of the Company’s lease area in Hot Creek Valley Nevada. Since then, the Company’s stated intention has been to achieve Reserves status for some part of those estimated Resources.
For further information please refer to our website at: www.usoil.us