United States Oil Fund (USO)

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American Stock Exchange and Victoria Bay Asset Management Launch First Crude Oil Based Fund
Monday April 10, 11:43 am ET

NEW YORK, April 10 /PRNewswire/ -- Victoria Bay Asset Management, LLC and the American Stock Exchange® (Amex®) announced today the launch of the United States Oil Fund, LP (USO) which will list on the Amex under the ticker "USO."

USO's total returns are expected to track the price movements of West Texas Intermediate (WTI) light, sweet crude oil delivered to Cushing, Oklahoma, whose price is the primary benchmark in the U.S. for crude oil. USO will invest its assets in futures contracts for WTI light, sweet crude oil and other petroleum-based fuels that are traded on regulated futures exchanges in the U.S. and elsewhere and other oil interests such as cash-settled options on oil futures contracts, forward contracts for oil, and over-the-counter transactions that are based on the price of oil.

"The fund intends to invest primarily in those futures contracts that are in the two months closest to expiration because we feel those contracts will permit the fund to best achieve its investment objective," said John Hyland, the fund's Director of Portfolio Research. The partnership does not seek to use leverage in the portfolio to achieve its investment goals.

"Amex is pleased to be working with Victoria Bay Asset Management to bring such a product to market," Cliff Weber, Senior Vice President of Amex's ETF Marketplace.

Units of the partnership will trade on the Amex. The partnership's NAV will be calculated and posted everyday. An intraday indicative value will be posted every 15 seconds during the Amex normal trading hours. USO is a commodity pool that is managed by California-based Victoria Bay Asset Management, LLC. The assets of USO, which are expected to consist primarily of crude oil futures contracts and U.S. Treasuries, will be held by the partnership's custodian, Brown Brothers Harriman & Co. (BBH). The Amex specialist for USO is Bear Hunter Structured Products, LLC.

Note: Investors should read the prospectus for USO for more complete information about this security, including risks, expenses, and other important terms. In addition, there can be no guarantee that USO will be able to achieve its investment goals. A copy of the prospectus may be obtained at http://www.unitedstatesoilfund.com or by contacting the fund at 800.920.0259.

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