Ahh ha, this explains the recent increase in the AS to Accomodate a new entity, it all addin up now!! The USEG connection is gleaming more clearly now!!
U.S. Energy Corp. has signed an Exploration and Area of Mutual Interest agreement with a Gulf Coast (United States) oil and gas exploration and production company. U.S. Energy Corp. anticipates it will participate as a 20% working interest partner in potentially numerous wells that could be drilled over the next three to five years. Approximately $3 million has been paid under the agreement to date. Two prospects have already been leased, and exploration and development activities are expected to commence in the later part of the fourth quarter 2007 or the first quarter of 2008. …
You need to read the wording and realize that it say "A GULF COAST AND OIL EXPLORATION COMPANY". There are many gulf coast gas and oil exploration companies out their. It does not specifically state GCOG. But it doesn't mean that it is not possible.