U.S. Oil & Gas plc was formed to exploit the potential for substantial oil and gas finds in one of North America's most prolific oil producing regions, using the most advanced technology available.
U.S. Oil & Gas plc’s (Ticker: USOP) core activities are in the USA, with exploration activity in Nevada where the company holds a large lease acreage and is fully funded to drill three wells.
19/04/12
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.
13/04/12
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.
31/03/11
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.
30/03/11
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.
15/10/10
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.
09/05/12
US Oil & Gas starts drilling at Hot Creek Valley, Nevada04/05/12
US Oil & Gas to spud Eblana-1 well this weekend19/04/12
US Oil and Gas shares admitted to OTC trading on GXG Markets18/04/12
U.S OIL & Gas calls off EGM after rebel shareholders back down11/04/12
US Oil & Gas files application to drill second Eblana No.2 well
01/03/2012
22/11/2010
30/09/2010
17/06/2010
15/01/2010
Holding(s) in Company11/02/2010
Geochemical Survey for Hot Creek Valley Project Eblana: Phase 1, Section 2.01/01/2010
Audio & Video Press ReleasesU.S. Oil has collected 18 complimentary data sets from its acreage, including data from 3-D Passive Seismic (IPDS) surveying– the most advanced oil exploration technology of its kind. On the basis of its surveys, U.S. Oil has identified its first drilling targets and has been awarded a Permit to Drill by the US authorities.
The Company's’s aim is to build on its current exploration base and bring new opportunities to the pre-production stage as well as to identify strategic partners to jointly develop and/or sell the target assets. U.S. Oil & Gas continually researches the potential for additional lease acreage to augment its current portfolio.
Short-term Objectives
Medium-term Objectives
To maximise shareholder value by:
Why Nevada?
Thrust belts and associated foreland basins provide a quarter of the earth's known oil reserves. These are found where the western North American Cordillera coincides with organic-rich hydrocarbon source rocks, including the Mississippian Antler foreland basin of western Utah and central Nevada.
As with thrust belts worldwide, some oil is trapped in giant thrust structures. Typically, oil seeps occur above the giant structures — except in Nevada where a blanket of Oligocene volcanic rocks and detritus buried and sealed the oil seeps.
Some of these concealed Nevada oil seeps, including the most prolific North American onshore flowing oil well found in ten years, are unconformity-related, commercial grade oil accumulations.
The most extensive proprietary study of source rock in the Great Basin to date reveals that the Mississippian Antler foreland basin is made up of transgressive and regressive lacustrine sequences and Stigmaria root zones with rootlets penetrating bedding planes. Palynomorph biostratigraphy from oil wells confirms that the regressive sequences are mostly organic-rich lacustrine shales or lakebeds.
Conventional 2D and 3D seismology has not been able to identify oil bearing forms; however, Antler Forland basin contains enough organics to generate huge quantities of oil.
Geologists believe there are at least 30 geologic structures each containing in excess of 1 billion barrels of oil.
Progress do date:
A February 2012 Competent Person's Report by Forrest Garb & Associates estimates Gross Prospective Resources of 189 MMSTB OOIP (P50) and 67 MMSTB recoverable oil.
Drilling
U.S. Oil has identified all of its Eblana Phase 1 prospect area drilling targets. The company has been awarded a Permit to Drill by the US Authorities in Nevada in preparation for the drilling of its first target well. Major Oil International LLC, U.S. Oil's wholly owned subsidiary, has signed a contract with Nabors Industries Inc. to drill the Eblana #1 exploration well, plus at least one further well. Earth mobilisation and site construction at the Eblana #1 location in readiness for spudding began on April 3rd, 2012. Equipment mobilisation is underway.
Spudding of exploration well Eblana #1 is due to take place on May 5th 2012. The targeted drilling depth is approximately 8,000 feet.
Expanded Lease Area
On 24 February and 6th March, 2012, the Company announced it had acquired additional, continguous, lease acreage in Hot Creek Valley. Through its wholly owned subsidiary, Major Oil International LLC, the Company's total acreage position in Hot Creek Valley is now 22,221 acres (approx. 90 sq. km.).
Geochemical surveys
Final analysis of the latest geochemical results for US Oil's pre-December 2011 lease area confirms five precisely defined hydrocarbon reservoirs, larger than previously reported, and some subsuming more than one previously reported anomaly. Two of the anomalies are analogous to trends found in the adjacent oil-producing Railroad Valley. Final anomaly sizes, extracted from the latest data, yield a current estimated size of up to 400 acres per anomaly, indicating that, on average, 30% of the lease area shows signs of hydrocarbon alteration.
Passive Seismic (IPDS) survey
A 3-D Infrasonic Passive Differential Spectroscopy (IPDS) survey was recently completed over the whole of the pre-December 2011 lease area. A report prepared by Geodynamics Research confirms a large hydrocarbon anomaly consistent with previously reported 2-D IPDS, geochemical survey results and other data sets. The anomaly covers more than 10 sq.km and shows consistently high Reservoir Hydrocarbon Indicator (RHI) readings. The hydrocarbon pool sits updip and is wholly contained within the lease area, while the source kitchen is underneath or just down-dip nearby. US Oil has identified up to ten drilling targets over the studied lease area.
Brian McDonnell - Chief Executive Officer
Brian graduated from Dublin City University with a business studies degree and worked in manufacturing for a number of years before setting up and successfully running his own training company. Brian has extensive experience of bringing developing large and complex projects to fruition. He has been CEO of U.S. Oil & Gas since it was founded in 2009.
Andrew Harwood - Finance
An Investment Fund Manager and Financial Planner in the U.K. since 1989, Mr. Harwood brings his extensive experience in corporate investment in the oil and gas sector to the company. Mr. Harwood is based in the U.K. and is currently Fund Manager of an OEIC (MFM CFS Balanced Opportunities Fund) and Managing Director of CFS Independent Ltd. Mr. Harwood has been a lecturer for the British Council in its pre-retirement seminar for senior employees and has also provided financial and investment advice to listeners on LBCtalkback radio. He was also a regular speaker to visitors of the annual Money Show at Olympia.
Peter Whelan - Audit/Remuneration/Contracts
Working in law enforcement, compliance and management in Ireland since 1982, Mr. Whelan has held various roles in the enforcement of, criminal, public health, environmental and sea fisheries law. Mr. Whelan has had responsibility for developing, managing, reviewing and renegotiation of service contracts across the public service.
Karim Akrawi - Exploration Director
Karim Akrawi is currently General Director for Geodynamics Worldwide, the company responsible for developing and implementing the Infrasonic Passive Differential Spectroscopy (IPDS or Passive Seismic) survey technology. He has presented and published numerous papers and reports on the application of IPDS and has made a significant contribution to the development of the technology as used today in oil exploration around the world.
Company Auditors
LHM Casey McGrath,
6 Northbrook Road,
Dublin 6,
Ireland
Phone: +353 (0)1 495 9200
Fax: +353 (0)1 495 9299
E-Mail: info@lhmcmg.ie
Company Solicitor
Byrne Wallace
2 Grand Canal Square,
Dublin, Ireland
Tel: +353 1 691 5000
Fax: +353 1 691 5010
Email info@byrnewallace.com
Dx 18 Dublin
PR
Lionsgate Communications - Financial Public Relations
Natalia Egorova
Tel: +44 (0)7500 828771
email: negorova@lionsgatecomms.com
US OIL & GAS plc
Alexandra House
Ballsbridge Park,
Ballsbridge
Dublin 4
Co. Dublin
Ireland
Tel: +353 (0) 16629572
Tel M: +353 (0) 872383419
email: info@usoil.us
web: www.usoil.us
Copyright © Proactiveinvestors.co.uk, 2012. All Rights Reserved Design & Development: Tehnicom Computers
