US Oil & Gas (USOPY)

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Due Diligence Report requested from US Oil & Gas plc (USOP)

GXG Markets A/S : Tuesday, 10th February 2015 11:28 CET

Following the recent regulatory investigation of the Main Quote listed company US Oil & Gas plc (USOP) concerning the general suitability of the Company and a disorderly market in the company's shares, including breach of disclosure requirements, the GXG Regulatory Team has decided to request an independent Due Diligence Report of the Company pursuant to Rule 12.3 of the GXG Main Quote Rule Book.

Pursuant to the Market Rules the Due Diligence Report consists of:

a. An official visit to the company's OHQ or principal place of trading for a specified overseas operation to verify that the information submitted in the Issuing Company's Application represents an accurate reflection of the trading and or assets held, and

b. An interview with the principal directors of the company

c. A deeper local (national/regional) search for any public financial and/or press information regarding the company, and

d. A report including, but not limited to, clarification of the ownership of the company, the structure of the company and an opinion of good standing.
GXG Markets will point out a GXG Due Diligence Partner to undertake the Due Diligence Report. The Due Diligence Report will be undertaken as soon as possible. Until the Due Diligence Report is completed, the market quotation of the Company will remain suspended for investor protection. A final decision will be taken by the GXG Regulatory Team following the results of the Due Diligence Report.

The Rules:

"12.3. GXG reserves the right to request that any Issuing Company, DGI or not, must provide a Due Diligence Report at any time, being both in the admission process or after admission to the Market, if questions are raised to whether the Issuing Company must be considered suitable for listing on the Market."

"12.6. Should the Due Diligence Report, in the opinion of GXG, fail to demonstrate the suitability of the Issuing Company to have its Securities admitted to trading, GXG reserves the right to refuse Admission or in the case of an Issuing Company whose Securities have already been admitted to trading GXG may:

a. suspend the Issuing Company's Securities from trading;

b. terminate the Issuing Company's Securities from trading."

On behalf of the GXG Regulatory Team