US Natural Gas Corp Executes on Strategy of Increasing Oil Generated Revenue by Placing Four Wells Into Production

ST. PETERSBURG, Fla., Nov. 8, 2010 /PRNewswire/ -- US Natural Gas Corp (OTC Bulletin Board: UNGS), an energy exploration company with operations in the Appalachian Basin is pleased to announce that the Company has recently placed four wells into production in an effort to increase its revenue generated from the production of oil.

Two of the wells placed into production were acquired in the recently closed Wilon Resources, Inc. acquisition. The Butler Davis No. 1 well completed to a total depth of 3103' and the J Lakin No. 2 well completed to a total depth of 2823' were completed and placed into production after down-hole inspection and re-entry procedures. The two remaining wells placed into production are located in Hart County, Kentucky and were acquired earlier this year. The Detweiler No. 1 well was completed to a total depth of 950' and the Thompson No. 1 well to a depth of 1250'. Initial production projections have each well producing on average 1-2 BOD.

"As the disparity in pricing increases between natural gas and oil, management must direct the Company's capital expenditures to deliver the highest profit margins," stated Wayne Anderson, President of US Natural Gas Corp. "Over the course of the next two quarters, we will stay focused on achieving our ultimate goal of 500 plus barrels of production monthly."

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 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, 2009.

SOURCE US Natural Gas Corp

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED