U.S. Oil & Gas Plc, ('USOIL' or the 'Company'), the oil and gas exploration company with assets in Nevada, is pleased to make the following announcement: Notices of Staking (NoS) have now been submitted to the Bureau of Land Management (BLM) for the drilling of three wells on the West Play of the Company's acreage in Hot Creek Valley, Nevada.
NoS cover all major aspects of an Application for Permit to Drill (APD), including for each well: the Surface Use Plan of Operations, the Well Plat, the Drilling Plan and Reclamation plans.
In response to the NoS submissions the BLM will schedule site visits and within seven days of those visits provide the necessary feedback to the Company on its APDs.
The three planned wells are sited on the West Play, where the Company's current basin model indicates a structural analogue of Railroad Valley's Grant Canyon field. Seismic, gravity, magnetic and geochemical data support the interpretation that carbonate slip block structures are present and are Grant Canyon analogues. Grant Canyon historically included the most productive onshore well in the USA, flowing at over 4,000 bopd, and produced 21.4 million barrels of oil (data to 2015). In Hot Creek Valley, potentially analagous structures may feature good reservoir properties and, if charged with hydrocarbons, potentially excellent productivity.
FORWARD-LOOKING STATEMENTS
The statements in this communication reflect the current thinking of the Board and the Company's present plans. The Company reserves the right to alter plans in the light of developing knowledge and circumstances. Shareholders' attention is drawn to the note below concerning Forward-looking Statements.
This press release contains certain 'forward-looking statements' and 'forward-looking information'. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to: business plans and strategies of US Oil and Gas; operating or technical difficulties in connection with drilling or development activities; availability and costs associated with inputs and labour; drilling and exploration costs; the speculative nature of oil exploration and development; diminishing quantities or quality of reserves; synergies and financial impact of completed acquisitions; the benefits of the acquisitions and the development potential of properties of US Oil and Gas; the future price of oil; supply and demand for oil; the estimation of reserves; the realization of reserve estimates; costs of production and projections of costs; success of exploration activities; capital expenditure programs and the timing and method of financing thereof; the ability of US Oil and Gas to achieve drilling success consistent with management's expectations; net present values of future net revenues from reserves; expected levels of royalty rates, operating costs, general and administrative costs, costs of services and other costs and expenses; expectations regarding the ability to raise capital and to add to reserves through acquisitions, assessments of the value of acquisitions and exploration and development programs; geological, technical, drilling and processing problems; treatment under governmental regulatory regimes and tax laws.
All statements other than statements of historical fact are forward-looking statements
Contact:
Brian McDonnell
Tel: +353 (1) 631 9022
About U.S. Oil & Gas
U.S. Oil & Gas plc is an oil and gas exploration company with a strategy to identify and acquire oil and gas assets in the early phase of the upstream life-cycle and mature them. The Company's main asset is in Nye County, Nevada where it holds the entire share capital of US-based company, Major Oil International LLC ('Major Oil'). Major Oil has acquired rights to exploration and development acreage in Hot Creek Valley, Nye County, adjacent to the oil and gas rich Railroad Valley area of Nevada, both of which are part of the Sevier Thrust of central Nevada and western Utah, USA.
U.S. OIL AND GAS PLC 