AUSTIN, TX, June 1, 2010
United States Oil and Gas Corp Reports Profitable Start to 2010
United States Oil and Gas Corp (Pink Sheets: 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 (Pink Sheets: USOG)
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. The Company made its first acquisition, Turnbull Oil, in May 2009, and its second acquisition, United Oil & Gas, Inc., in January 2010. 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. 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.
