USOG Posts Positive Financials
Online, June 1, 2010 (Newswire.com) - Carson City, NV -- United States Oil and Gas Corp (PINKSHEETS: USOG) a growing oil and gas products, services and technology company recently released consolidated financial results for the first quarter 2010.
The company posted a gross profit of $737,000 and net income of $137,000 for the first quarter of 2010, on revenues of $5.6 million from the sale of refined fuels and other service activity.
Cash at the end of the quarter was $503,000 with total assets of $6.7 million. Results reflect the consolidated performances of the Company's two wholly owned operating subsidiaries, Turnbull Oil which was acquired in May 2009, and United Oil & Gas, Inc. which was acquired in January 2010.
Chairman and CEO Alex Tawse commented, "We are pleased with the results and are continuing to experience improvements that bode well for us and the industry in general. This is the first quarter with both subsidiaries' consolidated results and the profit and sales volume growth, especially with propane, is very encouraging."
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Other Stocks to Watch:
BP (NYSE:BP)
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