US Oil and Gas

As US Oil and Gas shares are set to begin trading on the over-the-counter (OTC) level of GXG Markets tomorrow morning we quizzed London based head of markets, Simon Kiero-Watson, to find out more about this small cap facility.

The corporate issues at USOP took another unfortunate turn yesterday as it reluctantly called an EGM. A group of shareholders, together owning at least 10 per cent of the company, have filed a requisition to convene an EGM in a bid to sack the board.

Yesterday the Plus-listed junior oil firm unveiled the details of new funding arrangements, a mixture of debt and equity, which sets it up for its multi-well drilling campaign. We spoke to chief executive Brian McDonnell about rig availability, the new funding arrangements and plans to join the AIM market later this year.

The Plus-listed oil firm is now ready to push ahead with its ambitions drilling plans in Nevada, after it arranged access to over US$8 million in funding. That will be enough for the junior explorer to get a drill in the ground to test its 187 million barrels of oil-in-place. We spoke to chief executive Brian McDonnell about the discounted placing as well as the upcoming drill plans and a possible step-up to the AIM market.

Shares jumped 75% in early trade after the company confirmed the presence of five hydrocarbon reservoirs at the Hot Creek Valley property in Nevada. Chief executive Brian McDonnell told Proactive Investors that the company is at a 'very advanced' stage of planning for the first well, which will test multiple targets.