ST. PETERSBURG, Fla.,
Jan. 25, 2012 /PRNewswire/ -- 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 an extension to the previously announced
share repurchase plan and has simultaneously approved a new
$400,000 repurchase plan.
The Board has approved an extension through the end of the
fiscal second quarter to complete the previously announced share
repurchase plan. The Company has been limited by the current share
price and volume as to the number of shares it is allowed to
purchase in the open market. Under terms of the new plan, the
Company is authorized to repurchase up to $400,000 of its common stock over the next 24
months. The aggregate of the repurchase plans will grant the
Company an opportunity to repurchase up to $650,000 of its common stock.
Acquisitions of stock under the repurchase plans 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 plans will be funded by the Company's
available cash and may be commenced or suspended at any time or
from time to time. The plans 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, 2010.
Contact:
US Natural Gas Corp
Shannon Bell, Executive
Assistant
(727) 824-2800
info@usnatgascorp.com
SOURCE US Natural Gas Corp