UK 21:43 Friday, 23 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Another day and another statement is issued from the madhouse that is the bunker, I mean boardroom at US Oil & Gas (USOP). These folks are delusional. Their Company is also, by my sums, pretty much insolvent within weeks.
Already a member? Sign in
• All premium articles
• Tom Winnifrith’s Bearcast
• Access to all the entire nearly 13 year archive
• ShareProphets Daily Newsletter
Cancel any time
This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Comments
DUCK AND DIVE
You have been too kind by not weighting January expenses well above the average as this is when many annual renewals and advance fees would be payable.
And you have leniently ignored the cost of the GXG Due Diligence report which US Oil presumably had to pay up front when the DD legal team were appointed on 5 March. Since this will necessitate at least one forensic trip to the Nevada desert, I can’t envisage a bill lower than your $43k estimated real net cash position.
So by my calculations, they have been trading while insolvent since 5 March, if not before.
And ISTR wee Brian McDonnell telling his rapt shareholders only a few months ago that US Oil had enough cash to sustain them for two or three more years without drilling!
As has been clear to impartial observers for a long time, the walls are closing in on this outfit — although I hear that key cult members have been told by the CEO that a funding deal is 95% done. They should recall how funding was supposedly a 100% certainty last year. In any event, BM can have only days left in which to pull a credible rabbit out of his hat; and for students of form, that’s a very long shot.
I feel for the majority of US Oil shareholders whose only crime has been naivety. But the inner sanctum of BB ringleaders, rampers, pumpers, dumpers and bullies will hopefully be held to account.
Meanwhile, I have been impressed by the GXG regulatory team who, in the past few months, have shown AIM Regulation how to do their job. It sounds like you have a revelation for them and I think you can be confident that they will respond appropriately.
DUCK AND DIVE
According to GXG, the DD review won’t be done before the end of April so look to May as the earliest possible resumption of trading — if you’re a USOPtimist, that is (bearing in mind the parlous cash position).
http://www.gxgmarkets.com/news-release/pressrelease/1904378
its me
“It is not going to be a quick job getting to the bottom of the lies and deceit spun by US Oil & Gas over the years” I think there will be a few people wanting to have a crack at wee BMD so I think this could come on top quickly. Historically a divisive Board and divided shareholders. I have been to lots of AGM’s but a USOP AGM is something else, one I will never forget!!
wildrides
Broker man “desperate” Dan will buy some and maybe Doc will too !
May be some one could reverse a Chinese made lorry full of Chicken Shit into it and then you would have XXX rated shit . Punters love that . Triple xxx rated shit at 0.00007 of a penny . Give it a sat nav and you nearly have MTV . They buy that in droves .
DUCK AND DIVE
Desperate Dan may be a tad less desperate now having trebled his money in SER (up 60% today as I write) – and more than doubled mine! Even so, he would have to be a miracle worker to buy into USOP as those shares have been suspended from trading for the past three months.
Or do you think he will be buying a slice of Nevada cow pie from wee Brian? I sincerely hope not. I wrote off my support-the-revolution £10k SER investment as soon as it left my keyboard – but that doesn’t give him carte blanche to waste his precious pennies on a proven duster.