Press Releases
AUSTIN, TX, October 27, 2010
United States Oil and Gas Corp Subsidiary Posts Third Quarter Gains; Adds Driller Service Contract
United States Oil and Gas Corp (OTCQB: USOG) is pleased to announce that refined fuel sales during the third quarter at its Kansas based subsidiary, Turnbull, rose 22% compared to the third quarter of last year. Despite a poor harvest because of drought conditions, Turnbull experienced higher sales overall, a reflection of its diversified customer base. The Company added a drilling contractor to which it expects to begin delivering approximately 28,000 gallons of fuel per month starting in December. Oil and gas exploration and production drillers represent approximately one-fifth of revenue for Turnbull.

Sales of propane to wholesale customers were up 40% during August and September. However, weaker sales during July meant that total gallons sold during the quarter remained nearly unchanged compared to last year. Total gallons of propane sold to wholesale customers were 266,903, comprising approximately one-half of all propane sold. Retail comprises the other half of propane sales.

Additional performance details will be included in complete third quarter financial results, which will be posted to EDGAR in the coming weeks.
 
About 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. Refer to "Item 1A – Risk Factors" in our registration on Form 10 filed with the Securities and Exchange Commission for a discussion regarding our exposure to risks. Additionally, new risk factors emerge from time to time and it is not possible for us to predict all such factors, nor to assess the impact such factors might have on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

 
Contact
James Crimi
Investor Relations:
+1-512-464-1225
investor.relations@usaoilandgas.com
 
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