US Natural Gas Corp Announces Share Repurchase Program
January 12 2011 - 11:30AM
Marketwired
US Natural Gas Corp (OTCBB: UNGS), an energy exploration company
with operations in the Appalachian Basin announced today that its
Board of Directors has approved a share repurchase plan. Under
terms of the plan, the Company is authorized to repurchase up to an
aggregate of $250,000 of its common stock over the next 12 months.
Acquisitions of stock under the repurchase plan will be made
from time to time at prices prevailing in the open market or in
privately negotiated transactions as permitted by securities laws
and other legal requirements, and subject to market conditions and
other factors. The repurchase program will be funded by the
Company's available cash and may be commenced or suspended at any
time or from time to time. The plan will continue as long as
periodic management reviews determine it to be fiscally feasible
and may be discontinued at any time.
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,
2009.
Contact: US Natural Gas Corp Shannon Bell Executive Assistant
(727) 824-2800 info@usnatgascorp.com