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US Oil & Gas Corp.: United States Oil & Gas Corp. Reports $3.5 Million in Quarterly Revenue, 29% Sales Increase & Record Profit

^{Published on 2009-11-02 08:05:39 - Market Wire}
 

AUSTIN, TX--(Marketwire - November 2, 2009) - United States Oil & Gas Corporation (PINKSHEETS: [ USOG ]), a growing oil and gas products, services and technology company, reported excellent financial performance for the quarter ended September 30, 2009. Wholly owned subsidiary Turnbull Oil increased sales 29%, generated $3,500,000 in sales revenue and posted $591,000 in Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA).

Turnbull Oil is a profitable oil and gas distribution company with more than 300 customers and a 44-year history of growth. The Plainville, Kansas-based company sells oil and gas products including diesel, gasoline, propane and lubricants to farmers, oilfield businesses, commercial and industrial companies, rural and small city gas stations, construction companies, and residential communities. The company generated $16,500,000 in revenue and $447,000 in EBITDA in fiscal year 2008. Turnbull Oil was acquired by USOG in May 2009.

Alex Tawse, CEO of USOG, commented: "Turnbull's sales exceeded forecasts in large part due to increased demand for its fuels from Kansas farmers harvesting record corn and soybean crops. Because Turnbull has strong and consistent margins on its fuels and a relatively large, established customer base, the business is able to turn a profit and increase revenue even in a down economy. We are extremely proud of USOG's growth to date and look forward to expanding with the acquisition of a second regional oil and gas distribution company by year-end."

USOG reports its wholly owned subsidiary posted $3,500,000 in revenue and $591,000 in EBITDA profit for the quarter ended September 30, 2009. Turnbull Oil generated sales revenue of $2,700,000 and EBITDA of $14,000 for the prior quarter ended June 30, 2009.

About United States Oil & Gas Corp. (PINKSHEETS: [ USOG ])

United States Oil & Gas Corp. is focused on the domestic oil and gas services sector, acquiring oil and gas services companies with historically profitable results, strong balance sheets, high profit margins, and solid management teams in place. USOG also develops innovative technologies to increase oil and gas extraction with the smallest environmental footprint.

This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. USOG has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect USOG's current beliefs and are based upon information currently available to it. Accordingly, such forward looking statements involve known and unknown risks, uncertainties and other factors which could cause USOG's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. USOG undertakes no obligation to update or provide advice in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.