Austin, Texas — (Business Wire) March 6, 2008
USOG Purchases Majority Ownership in Sustainable Energy Development, Inc.
United States Oil & Gas Corp (USOG) is pleased to announce that it has purchased a majority shareholding of Sustainable Energy Development, Inc. (Pink Sheets: SEGV.PK) and Alex Tawse has been appointed as the Company’s President & Chief Executive Officer.
USOG is currently engaged in a merger action with SEGV that will allow USOG shareholders access to publicly traded markets. The newly merged company will continue the mission of United States Oil & Gas; to generate wealth for shareholders through the development of drilling technology that creates a smaller ecological footprint and to grow through the acquisition of existing profitable oil and gas drilling and service companies.
Commenting on the acquisition, Mr. Tawse stated: "The purchase of SEGV provides added value to both USOG and SEGV shareholders by combining public market access with a strategy for growth and profit generation. We are looking forward to a bright future."
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.
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.
