10 February, 2017 - U.S. Oil & Gas plc - Revised Resource Estimates
U.S. Oil & Gas Plc.
("US Oil" or the "Company")
Revised resource estimates
U.S. Oil & Gas Plc, ("USOIL" or the “Company”), the oil and gas exploration company with assets in Nevada, makes the following announcement:
After a review of petrophysical parameters, Baker Hughes Inc. have reported revised Original Oil-in-Place estimates for the Tertiary zones in the area updip to the Eblana #1 well as follows:
Original Oil in Place (OOIP) is 283 million barrels (low case); 1,033 million barrels (best case); and 1,993 million barrels (high case).
Recoverable Resources at 20% recovery factor are as follows: 57 million barrels (low case); 207 million barrels (best case); and 400 million barrels (high case).
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
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.
For further information please refer to our website at: www.usoil.us