ST. PETERSBURG, Fla., April 17, 2012 /PRNewswire/ -- US Natural Gas Corp (OTCQB: UNGS), an energy exploration company with operations in the Appalachian Basin announced today that the Company has filed a Form 15 with the Securities and Exchange Commission ("SEC"). Upon such filing, the Company's obligation to file certain reports with the SEC, including annual, quarterly, and current reports on Forms 10-K, 10-Q and Form 8-K, respectively, was immediately suspended.
The Company's Board of Directors made this decision after careful consideration and review of the cumulative costs and pros and cons of being an SEC registered company. The Company believes that currently the incremental cost of compliance with general SEC regulations and Sarbanes-Oxley and other reporting requirements does not provide a discernible benefit to the Company and its shareholders and is currently not commercially justifiable.
US Natural Gas Corp's stock, symbol UNGS, will continue to be traded on the OTC Markets. The company intends to continue to fulfill the reporting obligations as required by the OTC Markets to maintain its status as a "Current Information" company in an ongoing and timely fashion.
"The deregulation of our common stock is in no way an indication of our commitment to continue to implement our business model," said Wayne Anderson, President of US Natural Gas Corp. "The prospects for the company remain bright as we continue to place both oil and natural gas producing wells into production."
"And while we will no longer be bound by the reporting obligations of the SEC, the company does intend to resume regular communications with the investment community as a stock traded on the OTC Markets," Anderson added.
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.
US Natural Gas Corp
SOURCE US Natural Gas Corp