AUSTIN, TX, Jan 04, 2010 (MARKETWIRE via COMTEX) ----United States Oil & Gas Corporation (PINKSHEETS: USOG), a growing oil and gas products, services and technology company, is pleased to report that sales during the month of December at the Company's wholly owned subsidiary, Turnbull Oil, were significantly higher than during the same period last year.
Despite missing five days due to the recent severe winter storms that have hit the Midwestern states including Kansas, where Turnbull operates, the Company has posted higher sales in two of its key product areas, diesel and propane. To date compared to last December, monthly sales of diesel and propane are up 22% and 6%, respectively.
Strong demand from the oil field industry, a key part of Turnbull's customer base, has been driven in large part by the price of crude oil at around $80 per barrel. Increased demand for the Company's fuel services and products has in turn driven sales volume higher and will likely contribute to revenues for the fourth quarter that will be above expectations. This follows what was already a strong third quarter from Kansas farmers' harvesting record corn and soybean crops. Complete details of the Company's earnings will be provided after the quarter ends.
Because Turnbull has strong and consistent margins on its fuels and a relatively large, established customer base, the business has been able to turn a profit and increase revenue even in a down economy. Furthermore, the opportunity to significantly expand Turnbull's operations in the region through several acquisition candidates is available, and the Company looks forward to continuing to grow strategically in 2010.
About United States Oil & Gas Corp. (PINKSHEETS: USOG)
United States Oil & Gas Corp. is focused on the domestic oil and gas services sector, acquiring oil and gas services companies with historically profitable results, strong balance sheets, high profit margins, and solid management teams in place. USOG also develops innovative technologies to increase oil and gas extraction with the smallest environmental footprint.
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. USOG has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect USOG'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 USOG's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. USOG 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.
Contact:
Investor Relations
+1-512-464-1225
Email Contact
United States Oil & Gas Corp.
11782 Jollyville Road, Suite 211B
Austin, Texas 78759, USA
www.usaoilandgas.com
SOURCE: US Oil & Gas Corp.
www2.marketwire.com/mw/emailprcntct?id=3AA7C88F02A29481
www.usaoilandgas.com
Copyright 2010 Marketwire, Inc., All rights reserved.
Despite missing five days due to the recent severe winter storms that have hit the Midwestern states including Kansas, where Turnbull operates, the Company has posted higher sales in two of its key product areas, diesel and propane. To date compared to last December, monthly sales of diesel and propane are up 22% and 6%, respectively.
Strong demand from the oil field industry, a key part of Turnbull's customer base, has been driven in large part by the price of crude oil at around $80 per barrel. Increased demand for the Company's fuel services and products has in turn driven sales volume higher and will likely contribute to revenues for the fourth quarter that will be above expectations. This follows what was already a strong third quarter from Kansas farmers' harvesting record corn and soybean crops. Complete details of the Company's earnings will be provided after the quarter ends.
Because Turnbull has strong and consistent margins on its fuels and a relatively large, established customer base, the business has been able to turn a profit and increase revenue even in a down economy. Furthermore, the opportunity to significantly expand Turnbull's operations in the region through several acquisition candidates is available, and the Company looks forward to continuing to grow strategically in 2010.
About United States Oil & Gas Corp. (PINKSHEETS: USOG)
United States Oil & Gas Corp. is focused on the domestic oil and gas services sector, acquiring oil and gas services companies with historically profitable results, strong balance sheets, high profit margins, and solid management teams in place. USOG also develops innovative technologies to increase oil and gas extraction with the smallest environmental footprint.
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. USOG has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect USOG'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 USOG's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. USOG 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.
Contact:
Investor Relations
+1-512-464-1225
Email Contact
United States Oil & Gas Corp.
11782 Jollyville Road, Suite 211B
Austin, Texas 78759, USA
www.usaoilandgas.com
SOURCE: US Oil & Gas Corp.
www2.marketwire.com/mw/emailprcntct?id=3AA7C88F02A29481
www.usaoilandgas.com
Copyright 2010 Marketwire, Inc., All rights reserved.
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