(Source: MARKETWIRE)
United States Oil & Gas Corporation (PINKSHEETS: USOG), a growing
oil and gas products, services and technology company, reaffirmed
today that it remains on-track with its preliminary agreement to
acquire a North Dakota-based oil and gas distributor of refined fuels
and other oil-based products. The company is pleased to report that it
has increased its residential propane business customer base by 30%
year-to-date through October 31, 2009. Compared to the same period
last year, sales grew by over 94,000 gallons along with a material
amount of backlog of new customer orders.
With a customer base less impacted by the residential mortgage crisis
that has affected many other parts of the country, demand for fuels
has remained relatively steady. Located in the northern central
portion of North Dakota, the target is a profitable oil and gas
distribution company which sells diesel, race gasoline, propane, and
lubricants to regional businesses, farms, and private residences.
Revenue at the target company is expected to total $8 million for the
year ending December 31, 2009, with steady growth moving forward.
Revenue for 2008 totaled $7 million, to date, the company's best on
record.
The company owns a bulk storage plant, a fleet of tanker trucks, and
a retail outlet. Management has over 30 years experience in the
industry, and as outlined in the initial agreement, will be
contracted to remain with the business for a minimum of three years.
The acquisition is expected to be finalized by year's end, subject to
completing due diligence and negotiating for financing. USOG will
keep the market fully updated on this acquisition as well as others
it is currently working on closing.
About USOG
United States Oil & Gas Corp. is focused on the domestic oil and gas
services sector, acquiring 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.
Contact:
Investor Relations:
+1-512-464-1255
Email Contact
United States Oil & Gas Corp.
11782 Jollyville Road, Suite 211B
Austin, Texas 78759, USA
www.usaoilandgas.com
SOURCE: US Oil & Gas Corp
A service of YellowBrix, Inc.
