Carson City, NV -- United States Oil & Gas Corp (USOG), the growing oil and gas company has been hard at work in the beginning of 2010. With two subsidiaries under the belt and always on the lookout for growth, don’t be surprised if USOG becomes a more familiar name in the future.
This year, the company saw growth on the first day of the year with its second acquisition that of United Oil, taking effect. United Oil is a North Dakota based supplier of refined oil and gas products such as diesel, gasoline, propane, and lubricants in the state of North Dakota. The company also owns a bulk storage plant, a tanker truck fleet and a gas station with convenience store attached.
Recent audited results of the company where released and stand as follows: Total assets as of December 31, 2009 were $437,997. A net loss of $135,000 on sales of $4.3 million were reported for the year then ended.
The financials aren’t great but the company has seen demand escalate. Demand for its product , now sees the company exploring the viability of expanding 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’s first acquisition, Turnbull Oil, which had revenues of approximately $14 million in 2009, derives its revenue primarily from the distribution and sale of refined oil and gas products, such as diesel fuel, gasoline, and propane is also seeing growth with a new tanker added to its fleet.
Turnbull plans to purchase an additional 10,500 to 11,200 gallon tanker in the next several months. Turnbull's hauling capacity now stands at approximately 50,000 gallons. The 50 000 gallons doesn’t sound like a lot but for a company of its size, it’s a fair amount. When not utilizing its fleet, Turnbull rents its trucks out to maximize profit.
USOG CEO Alex Tawse said, “We are pleased with the progress our team has made, and look forward to the benefits we expect from the synergies across business units."
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United States Oil & Gas Corp. (Other OTC: USOG), Visteon Corporation (OTCBB:VSTNQ), Tactical Air Defense Services, Inc. (OTCBB:TADF), CZECH REP RESOURCE CORP (PINK:CZHC), Tactical Air Defense Services, Inc. (OTCBB:TADF), Zevotek, Inc. (OTCBB:ZVTK), GOIP GLOBAL INC (PINK:GOIG)
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