Dublin, Ireland, 15th January, 2010
U.S. Oil and Gas plc, Ticker: USOP, (USOIL), the oil and gas exploration company, has closed its first day of trading on London’s PLUS markets exchange at 8p sterling per share, representing a gain of 60% over the 5p Offer price.
The positive share performance is seen by the company as showing the market’s confidence in the company’s prospects and in the oil exploration sector in general.
U.S. Oil and Gas has an ongoing exploration program in Nevada, where the company holds a large lease acreage, having acquired the entire share capital of U.S.-based oil and gas company Major Oil International LLC. The primary assets of Major OIL International LLC are leases covering 21 sq kilometres in Hot Creek Valley, Nye County, Nevada.
"We're starting out with an excellent shareholder base and we're looking forward to an immediate start on ‘Eblana Phase 1’ – a six month exploration programme already planned in detail, says Brian McDonnell, U.S. Oil and Gas CEO. Exploration within the same geological feature as our claim in Nevada has already demonstrated huge reserves - the Covenant field has yielded over a billion barrels.”
Placing Price:5p per Placing SharePrice at close of first day:8pNumber of new Ordinary Shares placed on behalf of the Company:6,316,101 new Ordinary Shares issued pursuant to the placing.Market capitalisation at the Placing Price:£1,328,963Market capitalisation at close of first day’s trading: Number of Ordinary Shares in issue on Admission:26,316,101Percentage of enlarged issued share capital subject to the Placing:23.76%Gross proceeds of the Placing available to the Company:£315,815Net proceeds of the Placing available to the Company:£239,813SVS Securities plc is USOIL’s corporate advisor and broker. ISIN :IE00B4Q65W67Ticker:USOP
Tags: USA, crude, development acquisition, exploration, gas, M&A, oil, PLUS, U.S. Oil and Gas, USOIL, press releases, floatation.
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For further information please contact: Brian McDonnell Chief Executive Officer Tel: +353-87-2383419
Broker SVS Securities Plc Ian Callaway / Alexander Mattey 020 7638 5600
U.S. Oil and Gas plc is an Irish registered company No. 471932 70 Ballybough Road Dublin 3 Tel: +353-1-8230510 Fax: +353-1-8230511 www.usoil.us