US Oil & Gas updates on US Oils Hot Creek Valley

U.S. Oil & Gas said structural modelling of US Oils Hot Creek Valley Prospect by Baker Hughes is complete.

"The Board and the Companys technical team are now studying the findings, and further details will be communicated to shareholders in due course," the company said in a statement.

"In the meantime, Baker Hughes revised Oil-In-Place estimates can be reported. These are a significant upgrade on the previous estimates reported in 2013."

HIGHLIGHTS:

- Structural modelling report for US Oils Hot Creek Valley Prospect by Baker Hughes complete

- OOIP Best Estimate for the Tertiary Eblana Structure is over 1 billion barrels Contingent Resources

- Recoverable Contingent Oil Best Estimate is 203.4 million barrels

- Estimates for full lease acreage in preparation by Baker Hughes