ST. PETERSBURG, Fla., June 3 /PRNewswire-FirstCall/ -- Wilon Resources, Inc. (Pink Sheets: WLON), an energy exploration company with operations in the Appalachian Basin, is pleased to announce that the acquisition by US Natural Gas Corp is effective as of May 28, 2010. The Company's stock will no longer be available for quotation after the close of trading on June 3, 2010.
Shareholders of the Company will receive one share of common stock of US Natural Gas Corp, traded on the OtcBB under the symbol UNGS.OB, plus one warrant to purchase and additional share of common stock for each share of Wilon Resources, Inc. held. The warrants are exercisable for five years at a price of $0.25. US Natural Gas Corp has agreed to file a Registration Statement within 60 days post closing to register the shares issued in this transaction.
Shareholders whose shares are held in street name, or through a broker dealer, are not required to take any further action to complete the share exchange and issuance of warrants. Those shareholders holding shares in certificate form will be required to forward certificates to the Company's transfer agent, Olde Monmouth Stock Transfer Co., Inc., to complete the share exchange and issuance of warrants. Additional information will be forthcoming directly from Broadridge on the mechanics of the share exchange and issuance of warrants.
"We are pleased that the acquisition is now effective and the Company can concentrate on its West Virginia operations", said Wayne Anderson, President. "The combination of the two companies will clearly add to the strong and growing asset base of each company."
About US Natural Gas Corp
US Natural Gas Corp engages in the exploration, production, and delivery of crude and natural gas. Its operations are in the Appalachian Basin centered around Kentucky and West Virginia on leaseholds that aggregate approximately 17,000 acres combined.
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. 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.
SOURCE US Natural Gas Corp