US Natural Gas Corp. (UNGS: OTC Pink Current) | US Natural Gas Corp Acquires Six Producing Oil Wells in Adair County, KY

US Natural Gas Corp Acquires Six Producing Oil Wells in Adair County, KY

Oct 30, 2013

OTC Disclosure News Service

St. Petersburg, FL


Company Increases Daily Oil Production Projections to 42-48 BOD

US Natural Gas
Corp (OTC Pink:UNGS), an energy exploration company with operations in
the Appalachian Basin is pleased to inform shareholders that the Company
has acquired an additional six oil wells currently in production
located in Adair County, KY.

The newly acquired 313 acre leasehold houses six producing wells and
two plugged wells. The average depth of the producing wells is 1350? TD
(?Total Depth?) with production from the Sunnybrook and Stones River
formations. All six producing wells are fully equipped with an
established tank battery and will be placed into production immediately.

In addition to the acquisition of the six producing wells, the
Company has agreed to drill at least two wells on the newly acquired
lease to a depth of approximately 1500? TD. The Company has an option to
drill an additional eight wells over the next eighteen months.
Initiation of drilling will commence during the first quarter of 2014.
The Company will retain a 100 percent working interest, 80 percent net
revenue interest on all newly acquired wells as well as any newly
drilled wells.

The Company projects each of the six producing wells to produce on
average 1.5 BOD (“barrels of oil per day”), which equates to an
additional $300,000 in annual revenue based on current crude pricing.
With this acquisition, the Company is raising its projections for daily
production of crude from 35-40 BOD to 42-48 BOD. The Company?s
projections are not inclusive of any production from the newly drilled
wells.

“We are excited to report this acquisition to shareholders, as it
shows Management?s commitment to acquisitions which are immediately
accretive to earnings, “said Wayne Anderson, President of US Natural Gas
Corp. “This acquisition marks a significant step in executing the
Company?s short term plan outlined in our corporate business plan,
provides stable cash flow, and possesses low risk oil development
re-entry and new drilling production opportunities.?

About US Natural Gas Corp

US Natural Gas Corp is an independent energy company principally
engaged in the acquisition, exploration and development of mature
long-lived oil and natural gas properties. The company’s current
operations are concentrated in the Appalachian Basin within the states
of Kentucky and West Virginia with core assets consisting of 17,000 acres
of mineral rights leases and interest in approximately 150 oil and gas
wells. More information on US Natural Gas Corp can be found on the
Company?s website at http://www.usnatgascorp.com/.

Safe Harbor Statement

Matters discussed in this press release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
“anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and
similar expressions identify such forward-looking statements. Actual
results, performance or achievements could differ materially from those
contemplated, expressed or implied by the forward-looking statements
contained herein, and while expected, there is no guarantee that we will
attain the aforementioned anticipated developmental milestones. These
forward-looking statements are based largely on the expectations of the
Company and are subject to a number of risks and uncertainties. These
include, but are not limited to, risks and uncertainties associated
with: the impact of economic, competitive and other factors affecting
the Company and its operations, markets, product, and distributor
performance, the impact on the national and local economies resulting
from terrorist actions, and U.S. actions subsequently; and other factors
detailed in reports filed by the Company. Additional risks and
uncertainties are set forth in the Company’s Unaudited Annual Report for
the year ended December 31, 2012, which can be found on the OTC Markets
website, http://www.otcmarkets.com/.

Contact: US Natural Gas Corp
(727) 482-1505
info@usnatgascorp.com

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/UNGS/news?id=70677

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