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US Oil & Gas Corp.: United States Oil and Gas Corp. Grows Operating Capacity for Refined Fuels by 64% to Create Additional Shar

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  Published in Business and Finance on Friday, November 6th 2009 at 8:26 GMT by Market Wire
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AUSTIN, TX--(Marketwire - November 6, 2009) - United States Oil & Gas Corporation (PINKSHEETS: [ USOG ]), a growing oil and gas products, services and technology company, announced that it grew its hauling capacity of refined fuels by 64%. Wholly owned subsidiary Turnbull Oil has purchased an additional tank wagon truck with 4,500 gallons of capacity for hauling refined fuel. The company's recent acquisition of this specific hauling truck was made in order to meet the growing demand from the market and diversify its holdings.

Based on existing capacity utilization rates and revenue of $2.7 million already generated from the sale of refined fuels during the third quarter of 2009, USOG can increase delivery volume and revenue from the purchase of this new hauling truck by an additional $1.9 million annually. Demand for refined fuels is being driven by the increase in drilling activity, strong Kansas harvest, and oil price escalation.

As previously mentioned in regards to the recent fluctuation of the company's common share price, the Company commented that, "It has no information that would cause such volatility to occur. Secondly, nothing has changed in the operations of the Company other than to continue on our growth pattern and expansion plans. USOG is currently profitable and it has been able to show continued growth even in a downward economy."

Wholly owned Turnbull Oil is a regional distributor of oil and gas products with 300+ customers. Besides refined fuels such as diesel and gasoline, the company supplies propane and lubricants. It currently owns all of its own storage tanks and fleet of hauling trucks with a combined capacity of over 600,000 gallons.

About United States Oil & Gas Corp. (USOG.PK)

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. Wholly owned subsidiary Turnbull Oil generated $16.5 million in revenue in fiscal year 2008.

USOG recently announced new sales contracts during the third quarter to add an estimated $1.2 million in annual revenue. Wholly owned subsidiary Turnbull Oil has signed six new customers contracted to purchase a combination of refined fuel and lubricants over the next twelve months.

USOG is currently taking steps to move off the Pink Sheets and to the OTC Bulletin Board (OTCBB). The Company intends to move to a more regulated exchange to enhance communication with shareholders and ensure corporate transparency.

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.