NEWS OUT!! REVERSE SPLIT EFFECTIVE August 12, 2013
News for 'UNGS' - (US Natural Gas Corp Announces Reverse Stock Split and Effective Date)
Aug 09, 2013 (ACCESSWIRE via COMTEX) -- US Natural Gas Corp Announces Reverse
Stock Split and Effective Date
Effective Date of August 12, 2013
ST. PETERSBURG, Fla. August 9, 2013 -- US Natural Gas Corp (OTC Pink:UNGS), an
energy exploration company with operations in the Appalachian Basin announced
today that its Board of Directors has approved the implementation of a 1-for-300
reverse stock split of its common stock, following approval by a majority vote
of shareholders holding the Company's capital stock . The reverse stock split
will be legally effective on August 12, 2013 (the "Effective Date"). The
split-adjusted shares of the Company's common stock will begin trading on August
12, 2013 under the symbol "UNGSD" for 20 days. A new CUSIP number has been
assigned to the Company's common stock as a result of the reverse stock split.
As a result of the reverse stock split, immediately upon the Effective Date each
three hundred shares of the Company's outstanding common stock will
automatically be combined into one share, without any change to the par value
per share. The Company currently has 8,503,396,768 common shares outstanding.
Upon completion of the reverse stock split, the Company will have 28,344,656
common shares outstanding with 2 Billion common shares authorized. No fractional
shares will be issued in connection with the split and stockholders who would be
entitled to fractional shares will receive a whole share of common stock in lieu
of receiving fractional shares.
Olde Monmouth Stock Transfer, the Company's transfer agent, will update the
Company's records to reflect the change. Olde Monmouth Stock Transfer will
provide instructions to stockholders relating to the issuance of book-entry
evidence of ownership giving effect to the reverse split and name change and to
the issuance of new stock certificates
About US Natural Gas Corp
US Natural Gas Corp is an independent energy company principally engaged in the
acquisition, exploration and development of mature long-lived oil and natural
gas properties. The company's current operations are concentrated in the
Appalachian Basin within the states of Kentucky and West Virginia with core
assets consisting of 17,000 acres of mineral rights leases and interest in
approximately 150 oil and gas wells. More information on US Natural Gas Corp can
be found on the Company's website at www.usnatgascorp.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. When
used in this press release, the words "anticipate," "believe," "estimate,"
"may," "intend," "expect" and similar expressions identify such forward-looking
statements. Actual results, performance or achievements could differ materially
from those contemplated, expressed or implied by the forward-looking statements
contained herein, and while expected, there is no guarantee that we will attain
the aforementioned anticipated developmental milestones. These forward-looking
statements are based largely on the expectations of the Company and are subject
to a number of risks and uncertainties. These include, but are not limited to,
risks and uncertainties associated with: the impact of economic, competitive and
other factors affecting the Company and its operations, markets, product, and
distributor performance, the impact on the national and local economies
resulting from terrorist actions, and U.S. actions subsequently; and other
factors detailed in reports filed by the Company. Additional risks and
uncertainties are set forth in the Company's Unaudited Annual Report for the
year ended December 31, 2012, which can be found on the OTC Markets website,
www.otcmarkets.com.
Contact:
US Natural Gas Corp
(727) 482-1505
AI
