Press Releases
AUSTIN, TX, May 19, 2010
United States Oil and Gas Corp Subsidiary Completes 2009 Audit
United States Oil and Gas Corp (Pink Sheets: USOG), an oil and gas products, services and technology company, today announced that audited financials for its wholly owned operating subsidiary, United Oil & Gas, Inc. ("United"), for the period ended December 31, 2009 have been successfully completed. The independent auditing firm of Widmer Roel PC, conducted its audit in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB). The auditor's opinion stated that the financial statements "present fairly, in all material respects, the financial position of United."

Chairman and CEO Alex Tawse commented, "United's audit was conducted separately because the acquisition was effective January 1, 2010. Going forward, United's financials will be reported on a consolidated basis with our other operating subsidiary, Turnbull Oil which is located in Plainville, Kansas. We are pleased with the progress our team has made, and look forward to the benefits we expect from the synergies across business units."

United sells and distributes refined oil and gas products such as diesel, gasoline, propane, and lubricants, and operates a convenience store in Belcourt, North Dakota. Sales of fuel are made throughout North Dakota, South Dakota, and Montana. Total assets as of December 31, 2009 were $437,997. A net loss of $135,000 on sales of $4.3 million were reported for the year then ended.
 
About United States Oil and Gas Corp (Pink Sheets: USOG)
United States Oil and Gas Corp is focused on acquiring and growing domestic oil and gas services companies. We target mid size family-run businesses with historically profitable results, strong balance sheets, high profit margins, and solid management teams in place. Our subsidiary, Turnbull, which had revenues of $14 million in 2009, was founded in 1965. We own all of the facilities and equipment used at our locations in Plainville, Utica, and Palco, Kansas. Our subsidiary, United, was founded in 2003, and sells and distributes refined oil and gas products including specialty racing fuels throughout North Dakota as well as regions of South Dakota and Montana. We own and operate a convenience store in Belcourt, and hold approximately six acres of developable land located in Bottineau, North Dakota.
 

The Company has tried to identify any forward-looking statements contained in this press release using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or provide advice in the event of any change, addition or alteration to the information catered in this press release including such forward-looking statements.

 
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