United States Oil and Gas (USOG) Rallying in Mid-Day Trading

United States Oil and Gas Corp. (PINK: USOG) shares are rallying in mid-day trading today. The stock is currently trading 30.43% higher at $0.0030 on above average volume of 191.09 million. It trades on a daily average volume of 6.50 million.

United States Oil and Gas shares have a 52-week range of $0.00-$0.02. In the last six months, the stock has gained 114.29%. The stock is currently trading above its 50-day and 200-day moving averages.

United States Oil and Gas shares are rallying in trading today after the company provided an update to its shareholders about the impact of the recent rise in the price of oil. The company said that sharp rise in oil prices recently has translated into higher sales revenue for it, with little to no impact on profit margins.

Alex Tawse, President of United States Oil and Gas, said that the types of businesses the company invested in along with the regions of the county in which they operate, provides a layer of protection against volatility in price of fuel.

The company said that the wholesale cost of propane has also increased; however, the rise has not been nearly as much as oil. USOG’s propane sales at its North Dakota subsidiary for the two months ended February 28, 2011 are up around 12%-13% over the same period in 2010.

United States Oil and Gas is an Austin, Texas-based oil and gas products, services and technology company. The company is engaged in marketing and distribution of refined oil and gas to wholesale and retail customers in the U.S.