Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

US Oil & Gas - is it time for comic relief already? The fraudsters excel themselves

By Tom Winnifrith, The Sheriff of AIM

15 March 2016 08:13

More:

I have been saving a duo of no-one is watching O'Clock announcements from Thursday 10 March and a third the next morning from the fraudsters at US Oil & Gas (USOP) for a day when I needed cheering up. After an hour in the dentist's chair, today is such a day. This is sheer comedy genius from Brian "the dog ate my drilling data" McDonnell. Say what you want about wee Brian but you cannot deny that this guy is the funniest Irishman since Father Ted. Where to start?

Already a member? Sign in

• All premium articles

• Tom Winnifrith’s Bearcast

• Access to all the entire nearly 13 year archive

• ShareProphets Daily Newsletter

Cancel any time

This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.

Comments

Duck and Dive

15 March 2016, 10:35

You really haven’t done this farce justice – which I will blame on your dentist.

Did you notice that USOP reserves the right to present all open offer cheques – and utilise the cash – *as soon as they arrive”, ie before working out whether they can afford to send refunds back?

And that wee Brian forgot to announce how many of the new shares he and his co-directors are buying?

And that even if they raise enough cash to show the regulator that they have enough working capital to qualify for a listing, there is still no guarantee that the shares will be re-listed?

And that one of the stated “risks” is that the directors will pay themselves more?

This is pure, unadulterated gold.
Jeremy

16 March 2016, 05:39

USOP via its US subsiduary,Major Oil International, only has 10 year exploration leases on its various parcels of land from Nevada State;these revert to the authorities at the end of the period.My understanding is that there is no right of renewal to existing exploration lease holders at the end of the lease,or indeed that the state is required to offer the lease to other parties.
From memory the bulk of USOPs leases,including the one they have drilled on, date from late 2008.USOP is running out of time even to pretend to be doing anything.

If USOP had actually made a “discovery” of oil as it claims to the satifaction of Nevada authorities it could have converted the relevant lease from an exploration lease to a production lease which would not have had this time limitation.