U.S. OIL AND GAS PLC
LSE : USOP

April 10, 2012 04:55 ET

CORRECTION: Statement on Delisting from PLUS Exchange

U.S Oil & Gas Plc Statement on delisting from PLUS Exchange







10 April, 2012



                                              U.S. Oil & Gas Plc.
                                                       
                                         ("U.S. Oil" or the "Company")
                                                       
                             Statement on Delisting from PLUS Exchange Correction
                                                       


On April 4 2012, U.S. Oil & Gas plc (PLUS: USOP), the oil and gas exploration company with its main asset in
Nevada, USA, was delisted from the PLUS Exchange under Rule 79. Rule 79 provides PLUS Regulation with a
discretion to withdraw issuers from the PLUS-quoted market.

The shares of U.S. Oil & Gas were suspended from trading on PLUS Markets on 23rd August 2011.  The reason given
by PLUS Markets for the suspension was a 'disorderly market'.   At no stage in the PLUS investigation was the
Company or its directors accused of being implicated in this in any way.   At no stage have the directors been
aware of the identities of those being investigated in this regard, and the directors are still unaware of
those identities.

In October 2011, secondary issues of Corporate Governance were raised by PLUS as potentially requiring
attention before any possible relisting.  These issues were all addressed by the Company in terms of improved
procedures and processes shortly after the reconstitution of the U.S. Oil & Gas Board in November 2011.   The
Board is fully aware of the importance of good governance and to reinforce this is currently seeking candidates
for the position of  senior independent non-executive director.

The Board recognises that the PLUS suspension of trading has been a source of great concern and inconvenience
for shareholders.   It has also been a difficult period for the Board.  However, operations have continued,
culminating in the recent announcement of a spudding-in date of May 1st 2012 for the Company's first
exploration well in Nevada.  Regulatory News Service announcements will continue to be made in the normal way.
The Board now hopes that the resolution of these issues and the arrangement of a new trading platform to be
announced shortly will enable the Company and shareholders to look forward with confidence in the future.

THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT

For further information contact:



U.S. Oil & Gas plc

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



Lionsgate Communications - Financial Public Relations

Jonathan Charles +44 (0)77791892509

jcharles@lionsgatecomms.com



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



U.S. Oil & Gas PLC



Contact Information

  • U.S. OIL AND GAS PLC