Del Mar, CA – With two new subsidiary’s, United States Oil & Gas Corp (USOG) will look to see how it can use the best elements from each of its acquisitions in 2010. The growing oil and gas company will be looking for synergies between its new acquisitions, Turnbull Oil and United Oil.
“We are excited to bring United on board. Along with Turnbull, our first acquisition completed in May 2009, “says Alex Tawse, CEO of USOG
United’s customers are spread over two states and nine counties with no single customer accounting for more than 5% of revenue. The company’s breakdown of its sales are: refined fuels (67% of revenue), propane (10%), racing fuel (4%) and other oil based products (1%). The remainder of sales are derived from its service station sales.
Demand for its product is seeing the company having to expand its storage capacity. It is now seeing its sales exceeding supply at a high rate. Storage capacity at its bulk plant is nearly 100 000 gallons with additional space available on the six acres of developable land located adjacent to the areas main interstate.
USOG will look at available efficiencies of combined operations of its two subsidiaries in 2010. United will now be a wholly owned subsidiary of USOG, along with Turnbull Oil which was acquired in May 2009.
The purchase of United was made with a combination of cash, stock and promissory note. USOG plans to share best practices, explore savings on bulk purchases from suppliers and possibly combine marketing and sales strategies
CEO Alex Tawse commented, "Based on a solid foundation built on three decades of success delivered by the team at Turnbull, we are confident in our growth plan as we scale up operations and improve efficiencies across our subsidiaries."
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United States Oil & Gas Corp. (Other OTC: USOG), American Capital Ltd. (NASDAQ:ACAS), Massey Energy Company (NYSE:MEE), Windstream Corporation (NASDAQ:WIN), Rambus Inc. (NASDAQ:RMBS), KB Home (NYSE:KBH), Leap Wireless International, Inc. (NASDAQ:LEAP)
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