Replies to post #1473 on United States Oil and Gas Corp (fka USOG)

[bigtoe1963]

I think I can explain it,seems that usog has 1.7ish million paid for 2008 and 2009 debts to kalidascope realty and the good one who I believe were paid with restricted shares and who no longer own them anymore.they also paid turnbull and united deposits and notes ,turnbull looks to be 3.75 million ,united was alot less however they can for tax purposes and seems have used all avenues available to show a loss.After all how in the world could they not be in debt they just bought turnbull and I'm quite sure the revenue from them does'nt cover what was paid for it.I am not concerned what so ever we are just fine here imho

[56Chevy]

The net loss I can't explain now. ....A net loss does'nt fit.

The NOL, and more importantly the sheer amount of the loss, was frankly shocking in light of past PR's proclaiming healthy year over year gains by Turnbull.

Either Turnbull didn't have as strong a balance sheet as USOG was lead to believe (which may explain why they were up for sale) or USOG wasn't completely forthcoming with the shareholders as to their viability/strength. ?? Or perhaps USOG simply paid too much in light of their potential. It's baffling...but what else is there??

I do know 2 acquisitions in 8 months with not much cash on hand was pushing it...and I agree we need an accountants take on the situation.

If there is any silver lining to the Loss it becomes a NOLCF to lower the taxes in a future year with big profits.

The annual report was well thought of and polished.

Agreed. It may of been an "ugly baby" but it's our baby...and she could grow into a real beauty ($$) 6 months from now!

It will be a big asset to launching USOG to the otcbb. According to Investor Relations (M. Levy) this should happen 2Q10.

I must of missed that when did she say it? and to whom?

I want to give her the benefit of the doubt but color me skeptical...keep in mind when I asked in February about the status on our A/S count reduction she said "As yet there is no resolution to this matter. The company continues to work diligently toward this though in an effort to increase the shareholder value. Be assured that in addition the company is working aggressively to continue to attain all of the business milestones projected". The A/S had allready been officially lowered from 3.0B to 1.885B Nov, 10th, 2009. Source: Delaware SOS Office.

As far as USOG being a scam-no! The stock research firms Grass Roots and Valencia Research would have never covered them.

I agree..no scam...far from it. It's true I am very disappointed with our 10-K to say the least but I think USOG is legit...and I do think investors will be happy down the road. We have to fix some pot-holes first.

I currently own 201,500 shares w/average pps slightly under .02.