Friday, May 29, 2015 12:45:12 PM
29 May 2015
U.S. Oil & Gas Plc (GXG London: USOP, OTC New York: USOPY), the oil and gas exploration company with assets in Nevada, is pleased to report its interim results for the six months ended 31 March 2015.
Corporate highlights:
GXG Markets restored trading in the Company's securities at 9.00 CET, Tuesday 26th of May 2015 after its suspension of 15 December 2014. This action follows the completion by GXG Markets of its investigation and the findings of an independent Due Diligence Report that confirmed that the Company had not misled the market.
The primary aim of the Company has been to negotiate a partnership that would allow it to develop its Hot Creek Valley discovery by drilling further wells. To this end the Company has continued its intensive promotional activities within the industry. Complex negotiations have taken place, and active engagement continues. The extraordinary industry turbulence of the last months and the negative impact of the GXG Markets suspension has undoubtedly affected the rate of progress in this regard. However, the Board believes that, as a conventional oil play with low uplift costs, the project remains a highly attractive partnership proposition.
Financial highlights:
The suspension of trading in the Company's shares by GXG Markets exposed US Oil and Gas to substantial additional costs. At the period-end the Company had cash and cash-equivalents, excluding treasury shares, of US$271,521.
Operational highlights:
1. A Composite 3D model of the Hot Creek Valley property based on the data acquired in 2014 and identifying the oil pools is now complete.
2. A drill targeting study based on all available data is now complete.
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