Del Mar, Ca-- United States Oil & Gas Corp (USOG), the growing Oil and Gas Services Company recently announced the extension of the maturity of its promissory note due for the purchase of its profitable Kansas-based subsidiary, Turnbull Oil. As agreed, the note will now mature at year end rather than April 2010.
Alex Tawse, CEO of USOG, commented: "We have worked closely with Turnbull to properly align our capitalization and share registration efforts. This extension makes the most sense for our shareholders. Turnbull continues to deliver solid profits and we are pleased with its steady performance."
Preliminary January 2010 results for operations at Turnbull showed total sales were $1.5 million, a 29% increase over the same period last year. At 54% and 44%, respectively, propane and refined fuels comprise the greatest proportion of sales. Turnbull also sells other oil-based products such as lubricants, and generates revenue from the distribution of refined fuels.
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