United States Oil and Gas Corp (fka USOG)

[gbstockhunter]

Well here is some information for all of us to digest.
With the 30 for 1 Split the stock should be at .16666 Cents.

Here are some Financials to explore.

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USOG Quarterly Report
Third Quarter 2009
July 1 – September 30
ITEM 1. EXACT NAME OF ISSUER AND ADDRESS OF ITS PRINCIPAL EXECUTIVE
OFFICES 2
ITEM 2. SHARES OUTSTANDING 2
ITEM 3. INTERIM QUARTERLY FINANCIAL STATEMENTS 3
ITEM 4. MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION 6
ITEM 5. LEGAL PROCEEDINGS 7
ITEM 6. DEFAULTS UPON SENIOR SECURITIES 7
ITEM 7. OTHER INFORMATION 7
ITEM 8. EXHIBITS 8
ITEM 9. CERTIFICATIONS 9
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Item 1. Exact Name of Issuer and address of its principal executive offices
United States Oil and Gas Corp. (USOG)
11782 Jollyville Road, Ste. 211B
Austin, TX 78759
Telephone: [phone]
Fax: [phone]
www.usaoilandgas.com
[e-mail]
Item 2. Shares Outstanding
As of 9/30/09 there are:
3,000,000,000 common shares authorized
1,198,677,620 common shares outstanding
79,700,679 shares in the float
4 beneficial shareholders
1,087 shareholders of record
As of 9/30/09 there are:
10,000,0000 preferred shares authorized
126,263 preferred shares outstanding
0 shares in the float
0 beneficial shareholders
27 shareholders of record
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Item 3. Interim Quarterly Financial Statements
USOG Income Statement Fiscal Q3, 2009 UNAUDITED USOG Consolidated
Income
Fuel 2,692,976
Propane 728,558
Other Income 104,744
Interest
Income 12,281
Total Income 3,538,559
Cost of Goods Sold
Fuel 2,299,275
Propane 490,586
Other COGS 189,398
Total COGS 2,979,259
Gross Profit 559,300
Expenses
Advertising & Promotion 2,841
Amortization and Depreciation 42,999
Bad Debts (3,663)
Bank Charges & Fees 395
Contract Labor & Consulting 47,058
Donations, Dues & Subscriptions 4,027
Insurance 29,152
Interest Expense 27,500
Meals and Entertainment 888
Misc. Admin (17,025)
Office Expense 5,042
Payroll, Salaries, & Benefits 169,909
Professional Fees 20,328
Repair and Maintenance 23,829
Taxes 6,954
Telephone & Utilities 4,899
Total Expense 365,133
Net Ordinary Income 194,167
Recovery of Bad Debt 185,970
Net
Income 380,137

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USOG Balance Sheet at Sep 30, 2009 UNAUDITED USOG Consolidated
ASSETS
Current Assets
Cash 694,003
Other Current Assets
Accounts Receivable 1,264,800
Inventory 113,320
Deposit on Acquisitions 56,395
Prepaid Expenses 7,232
Total Other Current Assets 1,441,747
Total Current Assets 2,135,750
Fixed Assets
Equipment 327,365
Buildings 101,720
Land 10,273
Vehicles 852,887
Intangible Assets 6,050
Accumulated Depreciation & Amort. (1,126,493)
Total Fixed Assets 171,802
Other Assets
Investment in Subsidiaries 4,683,777
Total Other Assets 4,683,777
TOTAL ASSETS 6,991,329
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable 254,707
Taxes Payable 158,442
Other Accruals 28,068
Total Accounts Payable 441,217
Other Current Liabilities
Notes Payable 4,492,893
Total Other Current Liabilities 4,492,893
Total Current Liabilities 4,934,110
Total Liabilities 4,934,110
Equity
Additional Paid In Capital 2,036,462
Capital Stock 22,479
Consolidated Retained Earnings (744,831)
Convertible Pref. Shares Outstanding 97,565
Convertible Notes Outstanding 330,600
Dividends Paid
Net Income 380,137
Total Equity 2,122,413
TOTAL LIABILITIES & EQUITY 6,991,329
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USOG Cash Flow Fiscal Year Q3, 2009 UNAUDITED USOG Consolidated
OPERATING ACTIVITIES
Net Income 423,136
Adjustments to reconcile Net Income
to net cash provided by operations:
Deposit on Aquisitions (7,290)
Accounts Receivable (339,906)
Accounts Payable 160,110
Inventory (38,769)
Interest and Taxes Payable 12,522
Convertible Shares Outstanding -
Convertible Note Payable -
Convertible Notes Outstanding -
Net cash provided by Operating Activities 209,803
INVESTING ACTIVITIES
Turnbull Inc. Subsidiary -
Net cash provided by Investing Activities 0
FINANCING ACTIVITIES
Additional Paid In Capital 88,690
Net cash provided by Financing Activities 88,690
Net cash increase for period 298,493
Cash at beginning of period 395,510
Cash at end of period 694,003
United States Oil
and Gas, Corp
Statement of Shareholder Equity at September 30,
2009
UNAUDITED
Shares
Par
Value APIC
Convertible
Notes
Convertible
Shares
Acquisition
Retained
Earnings
Income /
Deficit Total
Balance at June
30, 2009 $39,599,077 $22,479
$1,947,773 $330,600 $97,565 $1,222,753
$(2,096,169) $1,525,001
2009 Q3 Activity 1,159,000,483 $88,689 $380,138 $468,827
Acquisition
Dividends Paid $(65,194) $(65,194)
Prior Period
Adjustment $193,779 $193,779
Balance at
September 30,
2009
$1,198,599,560 $22,479
$2,036,462 $330,600 $97,565 $1,222,753
$(1,587,446) $2,122,413
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Item 4. Management’s Discussion and Analysis or Plan of Operation
1. Plan of Operation
i) As reported in prior disclosure statements, the Issuer completed the acquisition of
Turnbull Oil, Inc. The closing documents were signed on May 15, 2009. Turnbull was
founded in 1965 and is currently owned and managed by Jeff Turnbull, who purchased
the business from his father in 1991. Turnbull is a privately held regional distributor of
oil and gas products including propane, diesel, and gasoline. Customers include farmers,
businesses and individuals. The company owns a bulk storage plant, a fleet of tankers, as
well as office, storage, and maintenance facilities. The acquisition includes Turnbull
subsidiary Basinger, Inc that is located in Utica, Kansas. Turnbull sales were over $16
million for fiscal year 2008 with earnings before taxes, interest, and depreciation of
almost $500,000. Jeff Turnbull has signed a three-year employment agreement to
continue to manage the company. The acquisition was made via a down payment and
promissory note that is due in April 2010.
As reported in prior disclosures statements, the Issuer has ceased use of Regulation S,
however the Issuer is continuing to find additional capital sources.
ii) Over the next 12 months, the Issuer’s strategy is to acquire or deploy proprietary
technologies that will explore, extract the oil and gas trapped in the earth using the latest
technologies to create a small footprint as well as low capital cost and low operating cost
technology platforms that can rapidly and economically be deployed to the site. The
Issuer also plans to expand upon its intellectual property.
The Issuer shall continue to integrate its acquisitions.
The Issuer creates value for its investors by deploying its proprietary prospecting system
to identify companies that fit its strategy. The system incorporates successful middle-
American companies that are not targeted by large conglomerate industries that can be
purchased with substantial equity positions. It reviews between 500 and 2000 companies
a month. The software system identifies, selects and acquires target companies. USOG
management includes significant operational expertise that can grow profits through
streamlined processes and the synergies between the companies that are purchased.
Thus far, this system as finalized one acquisition. In prior disclosure statements, a letter
of intent was made with another target company, however, because little has progressed
towards finalizing that acquisition, the Issuer must reassess whether an updated letter
should be used.
iii) Any expected purchase or sale of plant and significant equipment.
The Issuer does not expect to purchase or sell any plant or significant equipment.
iv) There will be no significant changes in the number employees for the Issuer over the next
12 months. There will be additional employees once intended acquisitions are
completed; however these employees will remain with the target corporations.
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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For this third quarter of 2009, the Issuer, through its subsidiary, has made $3.53 million in
revenues and had $2.97 million in costs of goods sold.
The Issuer, itself, has not had any revenues from operations in each of the last two fiscal
years, or the last fiscal year and any interim period in the current fiscal year for which the
attached financial statements are furnished.
3. Off-balance Sheet Arrangements
None for this Quarter
Item 5. Legal Proceedings
There are no current legal proceedings against the Company.
Item 6. Defaults upon Senior Securities
There has been no material default in payment of principal, interest, or any other material
default not cured within 30 days with respect to any indebtedness of the issuer exceeding
5% of the total assets of the issuer.
Item 7. Other Information
1. Entry into a Material Definitive Agreement
None for this Quarter
2. Termination of a Material Definitive Agreement
None in this Quarter
3. Completion of Acquisition or Disposition of Assets
None for this Quarter
4. Creation of Direct Financial Obligation
None for this Quarter
5. Triggering Events that Accelerate or Increase Direct Financial Obligation
None in this Quarter
6. Costs Associated with Exit or Disposal Activities
None in this Quarter
7. Material Impairments
None for this Quarter
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8. Sales of Equity Securities
None for this Quarter
9. Material Modification to Rights of Security Holders
None for this Quarter
10. Changes in Issuer’s Certifying Accountant
None for this Quarter
11. Non-Reliance on Previously Issued Financial Statements
None for this Quarter
12. Changes in Control of Issuer
None for this Quarter
13. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal
Officers
None for this Quarter
14. Amendments to Certificate of Incorporation or Bylaws
The Issuer has updated its Certificate of Incorporation, increasing the number of
authorized shares to 3,000,000,000. Please see the exhibit below for the language in the
amendment.
15. Amendments to Issuer’s Code of Ethics
None for this Quarter
Item 8. Exhibits
All exhibits required under Items XVII and XIX of Section One of the Reporting
Guidelines have already been described and attached in prior disclosure statements, and
have not changed since such prior statements, except for the following, which amended
the Certificate of Incorporation on July 17, 2009:
Fourth: Capital Stock
1. Authorized Stock. The total number of shares of stock which the Company shall
have authority to issue is 3,010,000,000, consisting of 3,000,000,000 shares of common
stock, par value $0.0001 per share (the “Common Stock”), and 10,000,000 shares of
preferred stock, par value $0.0001 per share (the “Preferred Stock”).
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Item 9. Certifications
The issuer shall include certifications by the chief executive officer and chief financial officer of the
issuer (or any other persons with different titles, but having the same responsibilities).
I, Alex Tawse, certify that:
1. I have reviewed this annual statement of United States Oil and Gas Corp;
2. based on my knowledge, this disclosure statement does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this disclosure statement; and
3. based on my knowledge, the financial statements, and other financial information included or
incorporated by reference in this disclosure statement, fairly present in all material respects the
financial condition, results of operations and cash flows of the issuer as of, and for, the periods
presented in this disclosure statement.
Date: Friday, October 30, 2009
_________________________________________
Alex Tawse, CEO

Issuer’s Persons and Parties:
a. executive officer, director, general partner and other control person of the Issuer
i. Alex Tawse, President, Treasurer; 8650 Spicewood Springs, Suite 145‐591, Austin, TX 78759; 1,000,000
restricted common stock; Founder’s shares.
ii. Matthew Maza, Secretary; 410 Broadway Ave East #120, Seattle, Washington 98102; No ownership.
iii. Mike Taylor, Director; 8650 Spicewood Springs, Suite 145‐591, Austin, TX 78759; No ownership.
iv. The Good One, Inc.; 5860 Citrus Blvd Suite D, #146, Haralan, LA 70123; 14,610,000 restricted common stock;
Founder’s shares.
v. Kaleidoscope Real Estate Inc.; 6757 Palijay Court, Las Vegas, NV 89103; 14,793,333 restricted common stock;
Founder’s shares.
b. There are no promoter, finder, consultant or any other advisor of the Issuer that assisted, prepared or provided
information with respect to the Issuer’s disclosure, who received securities as consideration for the services rendered to
the Issuer.