As the disparity in pricing between oil and natural gas remains at historic levels, management will continue to curtail spending on its natural gas operations and seek further opportunities to expand its oil producing properties. Management has identified several potential acquisitions adjacent to current operating leaseholds and anticipates that announcements will be forthcoming shortly.
Officials noted that the recent decline in the Company's stock price has brought with it inquiries from shareholders. The company advises that its policy is not to comment on unusual market activity or rumors. The company further advises that it continues to adhere to its longstanding policy to make prompt public announcements of material information concerning its business, operations or prospects. In light of this disclaimer, management can underscore that with a market capitalization of approximately $250,000, the Company's current valuation is an approximately 90 percent discount to its book value of $3,166,456.
"I am pleased to report on the progress we have seen in both states and highlight the shift in capital expenditures to our oil producing properties," said Wayne Anderson, President of US Natural Gas Corp. "Management is addressing several opportunities in an effort to bring the Company's market capitalization more in line with our book value. We anticipate our actions will allow shareholders to benefit from some of the inherit value unheralded within our asset base."
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