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US Oil & Gas Corp: United States Oil and Gas Corp Reports Profitable Start to 2010

^{Published on 2010-06-01 01:40:31 - Market Wire}
 

AUSTIN, TX--(Marketwire - June 1, 2010) - United States Oil and Gas Corp (PINKSHEETS: [ USOG ]) announced that it posted a gross profit of $737,000 and net income of $137,000 for the first quarter of 2010, on revenues of $5.6 million from the sale of refined fuels and other service activity. Cash at the end of the quarter was $503,000 with total assets of $6.7 million. Results reflect the consolidated performances of the Company's two wholly owned operating subsidiaries, Turnbull Oil ("Turnbull"), which was acquired in May 2009, and United Oil & Gas, Inc. ("United"), which was acquired in January 2010.

Chairman and CEO Alex Tawse commented, "We are pleased with the results and are continuing to experience improvements that bode well for us and the industry in general. This is the first quarter with both subsidiaries' consolidated results and the profit and sales volume growth, especially with propane, is very encouraging."

The limited information contained in this press release is not adequate information upon which to make an informed investment decision. Additional information regarding our first quarter performance is available in our Quarterly Report found under Filings for USOG at [ www.otcmarkets.com ].

About United States Oil and Gas Corp

United States Oil and Gas Corp is focused on acquiring and growing domestic oil and gas services companies. The Company targets small to mid size family-run businesses with historically profitable results, strong balance sheets, high profit margins, and solid management teams in place. Its subsidiary Turnbull, which had revenues of $14 million in 2009, was founded in 1965. The Company owns all of the facilities and equipment it uses at its locations in Plainville, Utica, and Palco, Kansas. USOG's subsidiary United was founded in 2003, and sells and distributes refined oil and gas products throughout North Dakota as well as regions of South Dakota and Montana. The Company owns and operates a convenience store in Belcourt, and holds approximately six acres of developable land located in Bottineau, North Dakota. For more information please visit the Company's website at [ www.usaoilandgas.com ].

This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company'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 the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company 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. Refer to "Item 1A - Risk Factors" in our registration on Form 10 filed with the Securities and Exchange Commission for a discussion regarding our exposure to risks. Additionally, new risk factors emerge from time to time and it is not possible for us to predict all such factors, nor to assess the impact such factors might have on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.