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SmallCapNewsRelease: (OTC: USOG) Profitable For First Quarter 2010


JERICHO, NY--(SmallCapNewsRelease)--June 1st, 2010, United States Oil and Gas Corp (OTC: USOG) announced today that they posted a gross profit of $737,000 for the first quarter of 2010.

United States Oil and Gas two wholly owned subsidiaries Turnbull Oil, acquired in May 2009 and United Oil & Gas, acquired January 2010 posted a net income of $137,000 for the first quarter on revenues of $5.6 million.

Cash reported at the end of the quarter was $503,000 with total assets of $6.7 million.

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