U.S. OIL AND GAS PLC
LSE : USOP

February 06, 2013 02:00 ET

Operations Update & Award of Share Options

6 February 2013

                                              U.S. Oil & Gas Plc.
                                                       
                                         ("U.S. Oil" or the "Company")
                                                       
                                              Operations Update &
                                                       
                                            Award of Share Options
                                                       
                                                       
                                                       
Operations Update

U.S. Oil & Gas Plc (GXG: USOP), the oil and gas exploration company with exploration assets in Nevada, is
pleased to announce that it has completed preparations for testing its Eblana #1 well.  Flow specialists are
onsite and the planned testing programme has begun.  The Company will make a further announcement once testing
is complete.

Award of Options

At the Company's Annual General Meeting (AGM) on 31 August 2012, the Directors were granted the authority to
issue and allot up to 2,500,941 Ordinary Shares representing 6% of the Company's Issued Ordinary Share Capital
subject to the approval by the Remuneration Committee of the terms and conditions of the Share Option Scheme.

The Remuneration Committee has approved the terms and conditions of the Scheme and awarded options.   Under the
Scheme, shares cannot be traded for at least six months after date of exercise of the options.  The exercise of
options will be announced to the market.

The Company reports the award of 2.455 million share options at 65 and 68 pence per share representing 5.88 %
of the Company's issued share capital.  The options were awarded to service providers, consultants and
Directors.  Details of the options awarded to Directors are as follows:

Name                          Option Exercise      Last Exercise Date               Number of Options Awarded
                              price                                                 
                              
Brian McDonnell               STG .65p             22 November 2017                 895,000
                                                                                    
Peter Whelan                  STG .65p             22 November 2017                 565,000
                                                                                    
Karim Akrawi                  STG .65p             22 November 2017                 535,000
                                                                                    
Paul O'Callaghan              STG .68p             22 November 2017                 100,000
                                                                                    


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


For further information contact:

Brian McDonnell, Chief Executive Officer +353 (0) 87 238 3419

Alexander David Securities Ltd - Corporate Finance Adviser
Fiona Kinghorn/David Scott  +44 (0) 20 7448 9800

Lionsgate Communications
Jonathan Charles +44 (0)779 189 2509
jcharles@lionsgatecomms.com

GXG Markets
Simon Kiero-Watson  +44 (0) 20 7653 1935
skw@gxgmarkets.co.uk

Alex Benger  +44 (0) 20 7653 1935
ahb@gxgmarkets.co.uk



Notes to Editors

U.S.   Oil & Gas plc is a GXG 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.

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

Contact Information

  • U.S. OIL AND GAS PLC