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| | Business Summary: US Natural Gas Corp, an independent oil and natural gas company, engages in the exploration, development, and production of oil and gas in the Appalachian Basin, primarily in Kentucky and West Virginia. | | | Address
33 6th Street South, Suite 600
St. Petersburg
, FL 33701
Phone: 727-824-2800
Fax: 815-846-0755
Website: http://www.adventureenergy.com
| | Auditor |
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LGG & Associates, PC
| | Transfer Agent |
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Olde Monmouth Stock Transfer Co., Inc.
| Employees: 2
ShareHolders: 58 | Founded: 2008
Domicile: Florida | | | |
| | US Natural Gas Corp, an independent oil and natural gas company, engages in the exploration, development, and production of oil and gas in the Appalachian Basin, primarily in Kentucky and West Virginia. It maintains leaseholds on mineral rights covering approximately 5,700 acres in addition to rights of way in Kentucky and 11,000 acres in West Virginia. The company is based in St. Petersburg, Florida. | | History: INCORPORATED in Florida Mar. 28, 2008. Name changed from Adventure Energy, Inc. to US Natural Gas Corp. Apr. 14, 2010. | | | | | | | | | |
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Management
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| Officers | Position |
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| Wayne Anderson | Chairman, President, Secretary, Treasurer, Chief Financial Officer, Chief Accounting Officer & Chief Executive Officer |
| | Directors |
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| Jim Anderson | | Wayne Anderson | | | |
| | | | Capitalization as of 12/31/2009: | | | | | Authorized Shares | Outstanding Shares |
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| Common $0.001 par | 50,000,000 | 22,185,910 | | Preferred $0.001 par | 5,000,000 | 1,300,000so2 |
| | | | LONG TERM DEBT: $900,000. | | | | Common $0.001 par | | | |
Stockholders:
04/12/2010,
58.
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Transfer Agent: Olde Monmouth Stock Transfer Co., Inc.
Atlantic Highlands
, NJ | | | | OTC Bulletin Board( Primary): UNGS | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2009 | 0.6800 | 0.0400 |
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| | | | DIVIDENDS: Common $0.001 par: No cash.
Common split 1,000-for-1, April 2008. | | | | | |
so2Closely held. Consist of 1,000,000 Ser. A; and 300,000 Ser. B shares. | |
| | Annual Report |
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| | | Income Statement | |
| 2009 | 2008 |
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| Revenue | 44,191 | - | | Cost of oil and gas operations | 57,380 | - | | Selling, general and administrative exps. | 333,144 | 41,562 | | Stock issued for legal services | 125,851 | 437,500 | | Stock issued for consulting and other services | 1,147,902 | 272,090 | | Amortization | 21,661 | - | | Net gain from marketable equity securities | 13,859 | 1,602 | | Interest expense | 10,827 | - | | Net income | (1,638,715) | (749,550) | | Share earns. basic | (0.10) | (0.07) | | Share earns. diluted | (0.10) | (0.07) |
| | | | Balance Sheet | |
| 2009 | 2008 |
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| ASSETS |
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| | CURRENT ASSETS |
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| | Cash and cash equivalents | 26,488 | 20,299 | | Accounts receivable, other | 97,900 | - | | Marketable equity securities | - | 6,450 | | Materials and supplies | 15,000 | - | | Prepaid expenses | 21,000 | - | | Notes receivable, current | 50,000 | - | | Total current assets | 210,388 | 26,749 | | Oil and gas properties | 224,474 | 6,000 | | Notes receivable | 1,225,000 | - | | Debenture escrow | 99,190 | - | | Investments | 72,900 | - | | Other assets | 150,473 | - | | Total assets | 1,982,425 | 32,749 | | LIABILITIES AND STOCKHOLDERS EQUITY |
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| | CURRENT LIABILITIES |
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| | Accounts payable and accrued expenses | 282,745 | - | | Advances due related entities, net | 86,752 | - | | Notes payable, current | 595,868 | - | | Loans payable-other | 23,000 | - | | Loans payable-shareholders | 85,100 | - | | Convertible debenture payable | 50,000 | - | | Total current liabilities | 1,123,465 | - | | Notes payable | 900,000 | - | | STOCKHOLDERS EQUITY |
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| | Preferred stock Series A | 1,000 | - | | Preferred stock Series B | 300 | - | | Common stock | 22,186 | 12,240 | | Additional paid in capital | 2,323,739 | 770,059 | | Deficit accumulated during the development stage | (2,388,265) | (749,550) | | Total stockholders equity | (41,040) | 32,749 | | Total liabs. | 1,982,425 | 32,749 |
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| | Interim Report
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| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2009 |
3 | 50,000 | | 2009 |
4 | (10,000) | | 2009 |
Full Year
| 40,000 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2009 |
1 | (190,000) | | 2009 |
2 | (950,000) | | 2009 |
3 | (350,000) | | 2009 |
4 | (140,000) | | 2009 |
Full Year
| (1,640,000) | | 2008 |
4 | (500,000) | | 2008 |
Full Year
| (1,010,000) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2009 |
1 | (.02) | | 2009 |
2 | (.07) | | 2009 |
3 | (.02) | | 2009 |
4 | (.01) | | 2009 |
Full Year
| (.10) | | 2008 |
2 | Nil | | 2008 |
3 | (.04) | | 2008 |
4 | (.04) | | 2008 |
Full Year
| (.07) |
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