February 22, 2012 12:05 ET

Competent Person's Report

22 January 2012

                                              U.S. Oil & Gas Plc.
                                          ("US Oil" or the "Company")
                                           Competent Person's Report
U.S.  Oil  & Gas plc (PLUS:USOP), the oil and gas exploration company with its main asset in Nevada,  USA,  is
pleased  to announce the completion of a Competent Person's Report (CPR) from independent petroleum consultants
Forrest  A. Garb & Associates (FGA). The CPR follows the interpretation of all currently available data related
to  US Oil's original (pre-December 2011) lease area at Hot Creek Valley. U.S. Oil & Gas has a 100% interest in
the property through its wholly owned subsidiary Major Oil International LLC.

Based  on a detailed review and using the Petroleum Resources Management System (SPE-PRMS), Forrest A.  Garb  &
Associates calculated gross Prospective Resources and Net Present Value for the prospect.


Geological Assessment of Drilling Target:

* Major Oil used a rigorous process to identify possible oil and gas accumulations.
* No single data analysis is taken as a basis for drilling the well.
* The subsurface structure appears to be a continuity of the oil producing welded volcanic tuffs  found
  in Railroad Valley.
* The dominant trap type is structural given the faulting and compartments in the area.
* According to SPE-PMRS guidelines, the "prospect" is sufficiently well defined to be a drilling target.
Best Estimate Prospective Resources (50% probability) based on SPE-PRMS:

* Gross Prospective Resources amount to  189 MMSTB.
* Gross estimates for recoverable oil are 67 MMSTB.
* Estimated  Net  Present Value (un-risked) for the Prospective Resources is $514  MM  for  a  ten  year
  projection discounted at 10% per year.
CPR Summary

FGA  based their analysis on all available data for US Oil's original (pre-December 2011) lease area  reviewing
gravity  data, magnetic data, satellite imagery, 2-D seismic data, passive seismic data, and various consulting
firms'  interpretations provided by Major Oil. Based on review of the materials provided,  FGA  concluded  that
Major  Oil used a thorough, rigorous process to identify possible oil and gas accumulations and mitigate  risk.
They  are  of  the  opinion  that activities proposed in this exploration program are consistent  with  current
practices in oil and gas exploration, and FGA believes that this Prospect is sufficiently well-defined to be  a
viable drilling target.

Oil and Gas - Prospective Resources - Probability Estimates

                                    Gross Prospective Resources Oil Estimates
                                             (all figures  in MMSTB)
                                 Low             Best                  High
                                (P90)           (P50)                  (P10)
           OOIP                  92              189                    322
        Recoverable              29               67                    114

Financial Model and Net Present Value

FGA  reviewed  the assumptions and cash flow calculations used in the present value estimate  for  a  financial
model provided by Major Oil. The model was based on a 15 well exploration plan with wells being drilled over  a
two  year  period, a capital investment of $40 MM, and oil production and cash flows projected over a ten  year
period.  This  15 well project has an estimated present value discounted at 10% per year of $514 MM  (unrisked)
for  the  ten-year  projection.  FGA agrees with the procedure and results of  these  economics  based  on  the
assumptions described.

US Oil and Gas CEO Brian McDonnell said, "This comprehensive independent assessment of the prospectivity of our
Hot  Creek  Valley  property  has confirmed its considerable potential, endorsed our  exploration  process  and
validated  our selection of drilling targets. We now look forward to starting our drilling campaign subject  to
final approval by US federal authorities."

A  copy  of the letter from Forrest A. Garb & Associates summarizing its conclusions will be made available  on
the Company website www.usoil.us.

About Forrest Garb Associates

Founded  in  1988,  Forrest  A.  Garb & Associates, Inc. (FGA) is an International  Petroleum  Consulting  firm
providing  services  to  the  upstream  oil  and gas industry. FGA's  expertise  includes  petroleum  reservoir
evaluation and economic analysis, as well as geological services for exploration and exploitation projects. FGA
restricts it business activities to consulting services only, and does not accept contingency fees. Because the
company  has  no  hydrocarbon  production and because it has no outside  ownership  to  dictate  opinions,  the
determinations  of  the  firm  are  independent. FGA's studies are without bias  and  are  based  on  the  best
interpretation  of all available data after processing with current methods and equipment.  FGA  does  not  own
operating  interests  in  any oil, gas, or mineral properties. The firm subscribes to a  code  of  professional
conduct, and its employees actively support their related technical and professional societies. This report  is
based  on  information compiled by professional staff members of FGA, as well as consultants providing services
to FGA.

Interaction   with  US Oil & Gas took place in order to understand the Company's technical  approach,  but  the
conclusions  drawn  are entirely those of Forrest A. Garb & Associates. FGA has consented  in  writing  to  the
reference to them in this announcement and to the estimates of oil provided.


For further information contact:

U.S. Oil and Gas plc

Brian McDonnell, Chief Executive Officer +353 (0) 872383419

Lionsgate Communications - Financial Public Relations

Natalia Egorova +44 (0)7500 828771


Notes to Editors

U.S.  Oil & Gas plc is a PLUS-quoted (Ticker: USOP) oil and gas exploration company with a strategy to identify
and  acquire  oil and gas assets in the early phase of the upstream life-cycle and mature them.  The  Company's
main  asset  is  in  Nye County, Nevada where it holds the entire share capital of US-based company  Major  Oil
International  LLC ("Major Oil"). Major Oil has acquired rights to exploration and development acreage  in  Hot
Creek  Valley, Nye County, adjacent to the oil and gas rich Railroad Valley area of Nevada, both of  which  are
part of the Sevier Thrust of central Nevada and western Utah, USA.

US  Oil has completed extensive surveys of its Hot Creek lease area, generating 18 datasets using the following
survey  methods: Gravity and Magnetic Resonance, Geochemical, 2-D Seismic, Landsat remote sensing,  Geophysical
studies,  Conodont  Alteration Index (CAI), Pyrolysis (TOC), Vitronite Reflectance-Visual  Kerogen  (TAI),  2-D
Passive Seismic (IPDS) and 3-D Passive Seismic.

For further information please refer to our website at: www.usoil.us


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