US Natural Gas Corp Acquires Producing Oil Well in Allen County, Kentucky

ST. PETERSBURG, Fla., Aug. 3, 2011 /PRNewswire/ -- US Natural Gas Corp (OTCQB: UNGS), an energy exploration company with operations in the Appalachian Basin is pleased to announce that it has acquired an additional oil producing well in the Allen Springs quadrangle of Allen County, Kentucky.

(Logo: http://photos.prnewswire.com/prnh/20110303/HS58643LOGO )

The Reynolds No. 2 well was drilled and completed in 1990 to a depth of approximately 450' with production occurring from the Blue Laural formation. In the coming weeks, the Company will replace the wellhead, install new 2 3/8" tubing down-hole, and replace the above ground completion components prior to placing the No. 2 well into production. The No. 2 well is located on the Reynolds lease which the Company acquired in 2010.

The Reynolds No. 1 well, currently under operation by the Company's wholly owned subsidiary and located on this same leasehold, produces on average three quarters to one barrel of oil daily. The Company's projected annual combined production from the two wells is in excess of 500 barrels of oil.

"The addition of the Reynolds No. 2 well adds to our goal of increased daily production without excessive costs," stated Wayne Anderson, President of US Natural Gas Corp. "We look forward to placing the No. 2 well into production and will continue to seek acquisition opportunities of producing wells on adjacent properties."

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. 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 Annual Report on Form 10-K for the year ended December 31, 2010.

Contact:
US Natural Gas Corp
Shannon Bell, Executive Assistant  
(727) 824-2800
[email protected]

SOURCE US Natural Gas Corp

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