Business News • MarketWire • United States Oil and Gas Corp Reports Profitable Start to 2010 |
United States Oil and Gas Corp Reports Profitable Start to 2010 |
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United States Oil and Gas Corp Reports Profitable Start to 2010
AUSTIN, TX--(Marketwire - June 1, 2010) - United States Oil and Gas Corp (PINKSHEETS: USOG) announced that it 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 ("Turnbull"), which was acquired in May 2009, and United Oil & Gas, Inc. ("United"), which was acquired in January 2010.
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