By Tampa Bay Business Journal

The board of directors of US Natural Gas Corp. approved a plan to repurchase up to $250,000 of the companyâ¿¿s common stock over the next 12 months.

Acquisitions will be made from time to time at prices prevailing in the open market or in privately negotiated transactions, a company statement said.

The repurchase program will be funded by the companyâ¿¿s available cash and will continue as long periodic management reviews determine it to be fiscally feasible. It could be discontinued at any time, the statement said.

Shares of US Natural Gas were trading at 2 cents a share on Wednesday when the repurchase program was announced, up from 1 cent a share on Tuesday.

US Natural Gas (OTCBB: UNGS), headquartered in St. Petersburg, is engaged in the exploration, development and production of oil and gas in the Appalachian Basin.

Copyright 2011 American City Business Journals

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