Business & Finance
Business and Finance
Business and Finance
Mon, March 7, 2011 United States Oil and Gas Corp Highlights Growth Plan for 2011
AUSTIN, TX--(Marketwire - March 7, 2011) - United States Oil and Gas Corp, listed on the OTCQB (
During 2010, the Company accomplished two significant objectives. The first was the completion of its Registration Statement with the SEC on Form 10 and subsequent quoting on the OTCQB which is for fully reporting companies. Regularly filed quarterly financial reports and audits have enhanced communication with shareholders through added transparency. In the near future, the Company plans to move to a more senior national exchange like the NYSE for even greater recognition and capital raising opportunities.
Second was the renegotiation of debt owed for the acquisition of Turnbull Oil. This extended the maturity of the promissory note by an additional two years. The new term reflects our excellent working relationship with Mr. Turnbull and provides added flexibility to eliminate our capital obligations over time. We have in place a manageable schedule of financing that allows the Company to accomplish its objectives without undue time constraints.
Other highlights include:
First full year of United Oil as a wholly owned subsidiary, as the acquisition became effective on January 1, 2010;
United States Patent Office approval of our eco-friendly fiber optic motion sensor technology for exploration and drilling in rugged environments to be possibly developed or licensed; and
- An important contract for the supply of fuels to a private highway contractor. This may provide a foothold for future projects in what should be a trend in growing infrastructure spending.
Milestone Targets for 2011:
Consolidation on a tax basis of both of our subsidiaries in order to increase the bottom line;
Realization of internal growth opportunities and continued reduction in overhead expenses;
Identification of third acquisition target; and
- Further significant reduction of debt.
Details of the Company's earnings and performance for 2010 will be provided within the Company's 10-K in the coming weeks. The Company is looking forward to building on its success and continuing to deliver value to its shareholders in 2011.
About USOG
United States Oil and Gas Corp (
The Company has tried to identify any forward-looking statements contained in this press release 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.
