US Natural Gas Corp Announces Reverse Stock Split and Effective Date
Effective Date of August 12, 2013
ST. PETERSBURG, Fla. August 9, 2013 - US Natural Gas Corp (OTC Pink:UNGSD), an energy exploration company with operations in the Appalachian Basin announced today that its Board of Directors has approved the implementation of a 1-for-300 reverse stock split of its common stock, following approval by a majority vote of shareholders holding the Company’s capital stock . The reverse stock split will be legally effective on August 12, 2013 (the "Effective Date"). The split-adjusted shares of the Company's common stock will begin trading on August 12, 2013 under the symbol "UNGSD" for 20 days. A new CUSIP number has been assigned to the Company's common stock as a result of the reverse stock split.
As a result of the reverse stock split, immediately upon the Effective Date each three hundred shares of the Company's outstanding common stock will automatically be combined into one share, without any change to the par value per share. The Company currently has 8,503,396,768 common shares outstanding. Upon completion of the reverse stock split, the Company will have 28,344,656 common shares outstanding with 2 Billion common shares authorized. No fractional shares will be issued in connection with the split and stockholders who would be entitled to fractional shares will receive a whole share of common stock in lieu of receiving fractional shares.
Olde Monmouth Stock Transfer, the Company's transfer agent, will update the Company's records to reflect the change. Olde Monmouth Stock Transfer will provide instructions to stockholders relating to the issuance of book-entry evidence of ownership giving effect to the reverse split and name change and to the issuance of new stock certificates
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. More information on US Natural Gas Corp can be found on the Company’s website at 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 Unaudited Annual Report for the year ended December 31, 2012, which can be found on the OTC Markets website, www.otcmarkets.com.
US Natural Gas Corp
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