United States Oil & Gas Sells Turnbull Oil
Oil, gas services company parts with distributor for cash, cancellation of debt
AUSTIN, Texas -- United States Oil & Gas Corp. has announced that it has sold one of its subsidiaries, Turnbull Oil Inc., to Jeff Turnbull, for cash and cancellation of debt. The effective date of the disposition of assets was October 1, 2011. The financial statements to be issued for the three months ended September 30, 2011, will reflect the sale.
Plainville, Kansas-based Turnbull Oil was founded in 1965 and is managed by Jeff Turnbull. Turnbull is a regional distributor of oil and gas products including propane, diesel, gasoline and lubricants. Customers include farmers, commercial, industrial businesses, oilfield business and residential communities.
The company owns two bulk storage plants, a fleet of tankers, both propane and fuel bobtails, as well as office, warehouses and maintenance facilities. The company is a distributor of gasoline, diesel, propane and lubricants to a mix of rural and small city gas stations, farms, the oil and construction industry and residential customers. It delivers three brands of gasoline in addition to its branded and unbranded lubricants.
Founded in 2003, United States Oil & Gas is an oil and gas products, services and technology company based in Austin, Texas. Through its subsidiary, it markets and distributes refined oil and gasoline (diesel, gasoline, propane, high octane racing fuels and lubricants) to wholesale and retail customers in the United States.
It owns a bulk storage plant, a fleet of tanker trucks, approximately six acres of developable land located in Bottineau, N.D., and one gas station/convenience store located on an Indian Reservation in Belcourt, N.D.
The company also said that it is "focused on acquiring and growing domestic mid-size family-run oil and gas services businesses with historically profitable results, strong balance sheets, high-profit margins and solid management teams in place."