Replies to post #5032 on United States Oil and Gas Corp (fka USOG)

[getthebucks]

interesting read. read most of it last night. found most of the forward looking statemnts, which most of this is obviously, are consistent with statements and observations made by the 'crack' staff here on this board. Basically, if they can't pay off TB, we are screwed!

[The_Pro]

I Read Your Post. Thanks For Pointing That Section Out.

Here's an additional paragraph:

We have approximately five months to pay the note due to Mr. Turnbull before it matures, and the issuance of additional shares of common stock alone may not be sufficient in meeting this obligation given market conditions and the amount of shares available to be issued.

As of July 7 we had approximately 886,332,380 shares of common stock available for issuance and our share price was $0.002 on the Pink Sheets. Unless the share price were to materially improve, this would enable us to only raise approximately $1.9 million from the issuance and sale of these shares, less than the $4.0 million required to pay Mr. Turnbull for the promissory note due on December 31, 2010. However, on July 20, 2010, a majority of our shareholders approved an increase in the number of common shares that are authorized to be issued to 5 billion from 1.8 billion. While this action alone may not be sufficient to raise the principal amount due to Mr. Turnbull given the unpredictability of market conditions (namely the price of our common shares), we believe we now have greater ability to raise additional funds.

Notwhithstanding the increased A/S's on July 20, 2010, to get the $4.0 million the stock price has to rise to:

$4,000,000.00/886,332,380 = $.00451

NOT IMPOSSIBLE!. USOG NEEDS to Uplist and blast away with every stock promoter they can get their hands on. More convertible notes to investors, equity financing as well as the number of common shares authorized should get us there. United Oil is $500k and not due till Dec. 31, 2011.

As a side note, it was a dumb agreement NOT to have access to the revenues of Turnbull and United. If I buy a home, I Don't have to wait 30 years for it to be paid in full before I can collect rental monies.