ST. PETERSBURG, Fla., March 10, 2011 /PRNewswire/ -- US Natural Gas Corp (OTCQB: UNGS), an energy exploration company with operations in the Appalachian Basin is pleased to update shareholders on the accomplishments of its West Virginia Operations over the course of the past year.
Through the Company's wholly owned subsidiary, US Natural Gas Corp WV, 61 of the 117 natural gas wells acquired through the Wilon Resources acquisition have been placed into production. In addition, the Company has completed the fabrication of a Hydrogen Sulfide detection facility, Hydrogen Sulfide treatment facility, installed a Glycol treatment tower, fabricated a new meter run tying production into Columbia Gas Transmission's line, constructed a storage facility, installed a new compressor station, and repaired or replaced over 7 miles of the gathering system. In December 2010, the Company entered into a new purchase agreement for its production lowering the sales cost by approximately 75%.
"As we recently announced, our current focus is in placing the remaining shallow and deep wells into production," stated Wayne Anderson, President of US Natural Gas Corp. "Much of our focus in 2010 was placed on the infrastructure for gas delivery. Now that this is complete, we can concentrate on building daily production and increasing revenue."
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.
US Natural Gas Corp
Shannon Bell, Executive Assistant
SOURCE US Natural Gas Corp