United States Oil and Gas Corp (fka USOG)

[Activist_1]

They have no money to pay off anything. This is the point. The quicker they come to the realization, the quicker we can put a viable solution in place. I'm sorry for your losses and frustration but again posting on this board doesn't drive a solution.

This model doesn't work. I'm sure a few years back, Alex said, I'm going to start a company to acquire oil and gas assets, had an IPO and raise a few hundred thousand. He made the Turnbull acquisition for $300k in cash and the rest in a promissory note. Same with United for $315k and a promissory note.

This isn't bank debt, this is basically an IOU to Turnbull and the Werner's.

Basically, it seems like the plan was to sell shares to new investors, dilute existing investors and give to Turnbull and United. Take from one to pay another, all while the stock gets diluted and becomes worthless.

Please stop me if I'm telling the wrong story but it sure seems more and more like a Ponzi scheme. It's all being masked by the fact the senior creditors in this case are Turnbull and United, if USOG defaults, they get their businesses back and the stockholders are left with stock in a holding company with no operating assets.

You're an accountant, I'm a corporate financial analyst with an M&A background, it shouldn't take two of us to raise the flag.