U.S. OIL AND GAS PLC
LSE : USOP

U.S. OIL AND GAS PLC

January 31, 2011 11:17 ET

Preliminary Statement of Final Results for the 13 month period to 30 September 2010

31 January 2010
                                                          
                                                U.S. Oil and Gas plc
                                                          
                                                   (the "Company")
                                                          
                 Preliminary Statement of Final Results for the 13 month period to 30 September 2010

U.S.  Oil  and  Gas  plc (PLUS: USOP), the oil and gas exploration company with exploration assets  in  Nye  County,
Nevada,  announces its preliminary statement of the Company's final results for the 13 month period to 30  September
2010.


                                               Statement by the Board

The  Company  is pleased to report its preliminary statement of final results for the 13 months ended  30  September
2010.   Earlier in this month the Company changed its accounting reference date to 30 September, hence the 13  month
period.

The  Company identified three well drilling targets in Eblana Phase I, Section 2 of its Hot Creek Valley Lease area.
The  work,  including: the integration of all data, surveying, geological prognosis, well drilling plan and  staking
the  land in preparation for the first drilling target, has now been completed for the first prospective well  of  a
two well drilling campaign.

Excluding  the  indicated large anomaly in the north-western part of the lease area and further anomalies  in  other
sections,  the  estimate of potential reserves around the first drilling target could exceed 25 million  barrels  of
oil.   Analogues are consistent with the geologic model of adjacent Railroad Valley where several similar oil fields
exist.

The  programme  to  date has been completed ahead of schedule.  Work nearing completion will allow  the  Company  to
further  validate  the estimate of hydrocarbon reserves in place and to finalise drilling dates  for  the  first  of
the  Company's  planned  wells.   The  focus of the Board and the management team  is  to  complete  this  programme
expediently in order to begin drilling.

Further  preliminary  work  to increase the Company's lease acreage in the United States  is  also  currently  being
undertaken.

As  the  Company's  activities will primarily be in US Dollar denomination, the Company has decided  to  report  its
financial results in US Dollars going forward.

The  Directors do not recommend the payment of a final dividend. No Dividend was paid in relation to the period from
15 June 2009 to 31 August 2009.

Brian McDonnell, Chief Executive Officer


Consolidated Statement of Comprehensive Income
for the period ended 30 September 2010
                                                                                 Unaudited                  Audited
                                                                              1 Sep '09 to            15 Jun '09 to
                                                                                30 Sep '10               31 Aug '09
                                                  Notes                                  $                        $
Continuing Operations                              1, 2

Administrative expenses                                                          (339,810)                (160,834)
                                                                                 _________                _________

Operating loss                                                                   (339,810)                (160,834)

Interest receivable
  and similar income                                                                    91                        -
                                                                                 _________                _________
Loss for the year
 before taxation                                                                 (339,719)                (160,834)

Income tax expense                                                                       -
                                                                                 _________                _________

Loss for the year from continuing operations                                     (339,719)                (160,834)

Other Comprehensive Income                                                               -                        -
                                                                                 _________                _________
Total Comprehensive Income for the year                                          (339,719)                (160,834)
                                                                                 _________                _________

Loss attributable to:
   Owners of the Company                                                         (339,719)                (160,834)
                                                                                 _________                _________
                                                                                 (339,719)                (160,834)
                                                                                 _________                _________
Total Comprehensive Income attributable to:
   Owners of the Company                                                         (339,719)                (160,834)
                                                                                 _________                _________
                                                                                 (339,719)                (160,834)
                                                                                 _________                _________


Earnings per share from continuing operations
Basic and diluted loss per share                       3                              0.02                   229.76
                                                                                 _________                _________
                                                                                 _________                _________ 

Consolidated Statement of Financial Position
as at 30 September 2010                                                          Unaudited                  Audited
                                                                                30 Sep '10               31 Aug '09
                                                   Notes                                 $                        $
Assets

Non-Current Assets
Intangible Assets                                                                  125,954                   57,810
                                                                                 _________                      
Total Non-Current Assets                                                           125,954                   57,810
                                                                                 _________                  

Current Assets
Trade and other receivables                                                            975                        -
Cash and cash equivalents                                                          290,835                   69,304
                                                                                 _________                  
Total Current Assets                                                               291,810                   69,304
                                                                                 _________                  

Total Assets                                                                       417,764                  127,114
                                                                                 _________                  
                                                                                 _________
                                                                                 
Equity and Liabilities

Capital and Reserves
Called up share capital                                                              4,323                        -
Share premium account                                                              839,619                        -
Retained Loss                                                                    (500,553)                (160,834)
                                                                                 _________                

Equity Attributable to owners of the Company                                       343,389                (160,834)
                                                                                 _________                

Liabilities
Current Liabilities
Trade and other payables                                                            74,375                  287,948
                                                                                 _________
Total Current Liabilities                                                           74,375                  287,948
                                                                                 _________                  

Total Equity and Liabilities                                                       417,764                  127,114
                                                                                 _________                  


Notes to the financial statements:

1. The  financial statements have been presented in US Dollars, as the Company now considers its functional  currency
and presentation currency is US Dollars. The comparatives have been translated into US Dollars.

2. Statement of Accounting Policies for the period ended 30 September 2010

U.S.  Oil  and Gas Public Limited Company ("the Company") is a company incorporated in Ireland. The Group  financial
statements consolidate those of the Company and its subsidiary (together referred to as the "Group").
From 14 January 2010, the Company's shares are listed on the Plus Stock Exchange in London.

The  accounting policies set out below have been applied consistently to all periods presented in these consolidated
financial statements.

Statement of Compliance

As  permitted  by  the  European  Union,  the Group financial statements  have  been  prepared  in  accordance  with
International  Financial  Reporting  Standards  ("IFRSs") and their  interpretations  issued  by  the  International
Accounting  Standards Board (IASB) as adopted by the EU (IFRS). The individual financial statements of  the  Company
("Company  financial  statements") have been prepared in accordance with the Companies  Acts,  1963  to  2009  which
permits  a  company, that publishes its company and group financial statements together, to take  advantage  of  the
exemption  in Section 148(8) of the Companies Act 1963, from presenting to its members its company income  statement
and related notes that form part of the approved company financial statements.

The IFRSs adopted by the EU as applied by the Company and the Group in the preparation of these financial statements
are those that were effective at 30 September 2010.

Standards and amendments to existing standards effective 1 January 2009

The following standards, amendments and interpretations, which became effective in 2009, are of relevance to the
Group:

Standard / Interpretation         Content                   Applicable for years beginning on / after
IAS 1                Presentation of financial statements               1 January 09
IFRS 7               Amendment: Improving disclosures about financial instruments1 January 09
IFRS 8               Operating Segments                                 1 January 2009

Adoption of IAS1, 'Presentation of financial statements'

A  revised version of IAS1 was issued in September 2007. The revised standard prohibits the presentation of items of
income and expenses (that us, 'non-owner changes in equity') in the statement of changes in equity, requiring  'non-
owner  changes  in equity' to be presented separately from owners changes in equity in a statement of  comprehensive
income.  As  a  result, the Group presents in the consolidated statement of changes in equity all owner  changes  in
equity;  all  non-owner changes in equity are presented in the consolidated statement of comprehensive  income.  The
adoption  of  this  revised standard impacts only presentation aspects; therefore, it has no impact  on  profits  or
earnings per share.

Adoption of Amendment to IFRS 7,' improving disclosures about financial instruments'

The  IASB published amendments to IFRS7 in March 2009. The amendment requires enhanced disclosures about fair  value
measurements  and  liquidity risk. In particular, the amendment requires disclosure of fair  value  measurements  by
level  of  a  three  level fair value measurement hierarchy. In addition to that, the amendment clarifies  that  the
maturity  analysis of liabilities should include issued financial guarantee contracts at the maximum amount  of  the
guarantee  in  the  earliest  period in which the guarantee could be called; and  secondly  requires  disclosure  of
remaining  contractual  maturities  of financial derivatives if the contractual  maturities  are  essential  for  an
understanding of the timing of the cash flows. The entity has to disclose a maturity analysis of financial assets it
holds  for managing liquidity risk, if that information is necessary to enable users of its financial statements  to
evaluate  the  nature and extent of liquidity risk. The adoption of the amendment results in additional  disclosures
but does not have an impact on profit or earnings per share.

Adoption of IFRS8, 'Operating Segments'

IFRS  8  replaces IAS 14, 'segment reporting', and is effective for annual periods beginning on or after  1  January
2009.  The new standard requires a 'management approach', under which segment information is presented on a  similar
basis to that used for internal reporting purposes. The effects of adoption by the Group are disclosed in note 1.

Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted
early by the Group

Standard / Interpretation         Content                               Applicable for years beginning on/after
IFRS 9               Financial instruments : Classification and measurement          1 January 2011
IAS 24               Related party disclosures                                       1 January 2011
IAS 32               Classification of rights issues                                 1 February 2010
Amendment: IFRS 1    Additional exemptions for first-time adopters                   1 January 2010
Amendment: IFRS 2    Group cash-settled share-based payment transactions             1 January 2010
IFRS 7               Transfer of financial assets                                    1 July 2011
IFRS 19              Financial liabilities and equity instruments                    1 July 2010
IAS 7                Statement of cash flows                                         1 January 2010
IAS17                Leases                                                          1 January 2010
IFRS 3               Business combinations                                           1 July 2010
IAS 27               Consolidated and separate financial statements                  1 July 2010

The above amendments are not expected to be relevant to the Group.

IFRS 9, 'Financial instruments; Classification and measurement'

In  November  2009,  the  Board issued the first part of IFRS 9 relating to the classification  and  measurement  of
financial  assets. IFRS 9 will ultimately replace IAS39. The standard requires an entity to classify  its  financial
assets  on the basis of the entity's business model for managing the financial assets and the contractual cash  flow
characteristics of the financial asset, and subsequently measures the financial assets as either at  amortised  cost
or fair value. The new standard is mandatory for annual periods beginning on or after 1 January 2013.

Improvements to IFRS (issued in April 2009)

The  improvements  project  contains numerous amendments to IFRS that the IASB considers non-urgent  but  necessary.
'Improvements  to  IFRS'  comprise  amendments that result in accounting changes for  presentation,  recognition  or
measurement  purposes,  as  well as terminology or editorial amendments related to  a  variety  of  individual  IFRS
Standards.  Most  of  the  amendments  are  effective for annual periods  beginning  on  or  after  1  January  2010
respectively,  with  earlier application permitted. No material changes to accounting policies  are  expected  as  a
result of these amendments.

In  2010,  the  Group did not early adopt any new or amended standards and do not plan to early  adopt  any  of  the
standards issued but not yet effective.

Basis of Preparation

The  Group and Company financial statements are prepared on the historical cost basis. The accounting policies  have
been applied consistently by Group entities.

Functional and Presentation Currency

The  consolidated financial statements are presented in US Dollars ($), which is the Company's functional  currency.
The  Directors now consider the functional currency as US Dollars. The prior period financial statements  have  been
restated as US Dollars.

Use of Estimates and Judgements

The preparation of financial statements in conformity with EU IFRS requires management to make judgements, estimates
and  assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,
income  and expenses. The estimates and associated assumptions are based on historical experience and various  other
factors  that are believed to be reasonable under the circumstances, the results of which form the basis  of  making
judgements about carrying values of assets and liabilities that are not readily apparent from other sources.

In  particular, significant areas of estimation uncertainty and critical judgements in applying accounting  policies
that have the most significant effect on the amount recognised in the financial statements are in relation to:
- Measurement of the recoverable amounts of intangible assets
- Utilisation of tax losses

Revenue Recognition - Interest revenue

Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective interest
rate  applicable, which is the rate that exactly discounts estimated future cash receipts through the expected  life
of the financial asset to that asset's net carrying amount.

Consolidation

The  consolidated financial statements comprise the financial statements of U.S. Oil and Gas Public Limited  Company
and its subsidiary undertaking for the period ended 30 September 2010.

Subsidiaries  are  entities  controlled by the Group.  Control exists when the Group  has  the  power,  directly  or
indirectly,  to  govern  the  financial and operating policies of an entity  so  as  to  obtain  benefits  from  its
activities.  In assessing control, potential voting rights that are currently exercisable or convertible  are  taken
into  account. Subsidiaries are fully consolidated from the date that control commences until the date that  control
ceases.  Accounting  policies  of  subsidiaries have been changed where necessary to  ensure  consistency  with  the
policies adopted by the Group.

Intragroup  balances  and any unrealised gains or losses or income or expenses arising from intragroup  transactions
are eliminated in preparing the Group financial statements.

In the company's own balance sheet, investments in subsidiaries are stated at cost less provisions for any permanent
diminution in value.

Exploration & Evaluation Assets

The  Group  adopts  the successful efforts method of accounting for exploration and evaluation  costs.  All  licence
acquisition,  exploration  and  evaluation  costs are initially capitalised  in  cost  centres  by  well,  field  or
exploration  area, as appropriate. Directly attributable administration costs and interest payable  are  capitalised
insofar  as  they relate to specific development activities. Pre-license costs are expensed in the period  in  which
they are occurred. Exploration and evaluation assets are not amortised but are assessed for impairment in accordance
with the Group's Depletion, Amortisation and Impairment Policy.

Depletion, amortisation and impairment

Impairment  reviews  on  exploration  and evaluation assets and production assets  are  carried  out  on  each  cash
generating unit identified in accordance with IAS 36 'Impairment of Assets'. The Group's cash-generating  units  are
those  assets  which  generate largely independent cash flows and are normally, but not always,  single  development
areas or fields.

Exploration and evaluation assets are assessed for impairment in certain circumstances including:

- the period for which the Group has the right to explore in a specific area has expired or will expire in the near
future and is not expected to be renewed;

-  substantive  expenditure on further exploration for and evaluation of resources in a  specific  area  is  neither
budgeted nor planned;

-  the  Group  has  decided to discontinue exploration and evaluation activities in a specific area as  commercially
viable quantities of oil or gas have not been discovered; and

-  the  carrying  amount of an exploration and evaluation asset is unlikely to be recovered in full from  successful
development or sale.

Any such impairment is recognised in the Statement of Comprehensive Income.

Where  there  has been a charge for impairment in an earlier period that charge will be reversed in a  later  period
where  there has been a change in circumstances to the extent that the discounted future net cash flows  are  higher
than  the  net  book  value at the time. In reversing impairment losses, the carrying amount of the  asset  will  be
increased to the lower of it's original carrying value or the carrying value that would have been determined (net of
depletion) had no impairment loss been recognised in prior periods.


Research and development

Research expenditure is written off to the Statement of Comprehensive Income in the year in which it is incurred.

Taxation

Income  tax  expense  comprises current and deferred tax. Income tax expense is recognised in the  income  statement
except  to  the  extent that it relates to items recognised directly in equity, in which case it  is  recognised  in
equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively
enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred  tax is recognised using the balance sheet method, providing for temporary differences between the carrying
amounts  of  assets  and  liabilities for financial reporting purposes and the amounts used for  taxation  purposes.
Deferred  tax  is not recognised for the following temporary differences: the initial recognition of  goodwill,  the
initial  recognition of assets or liabilities in a transaction that is not a business combination and  that  affects
neither  accounting nor taxable profit, and differences relating to investments in subsidiaries to the  extent  that
they  probably  will  not  reverse in the foreseeable future. Deferred tax is measured at the  tax  rates  that  are
expected  to be applied to the temporary differences when they reverse, based on the laws that have been enacted  or
substantively enacted by the reporting date.

A  deferred tax asset is recognised to the extent that it is probable that future taxable profits will be  available
against which temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and  are
reduced to the extent that it is no longer probable that the related tax benefit will be realised.

Foreign Currencies

Monetary  assets  and liabilities denominated in a foreign currency are translated into US Dollars at  the  exchange
rate  ruling  at  the  balance sheet date, unless specifically covered by foreign exchange contracts  whereupon  the
contract  rate is used. Revenues, costs and non monetary assets are translated at the exchange rates ruling  at  the
dates of the transactions. All exchange differences are dealt with through the Statement of Comprehensive Income.

On  consolidation, the assets and liabilities of overseas subsidiary companies are translated into US Dollars at the
rates  of  exchange prevailing at the balance sheet date. Exchange differences arising from the restatement  of  the
opening  balance  sheets  of these subsidiary companies are dealt with through reserves. The  operating  results  of
overseas subsidiary companies are translated into US Dollars at the average rates applicable during the year.

Issue Expenses and Share Premium Account

Issue expenses are written off against the premium arising on the issue of share capital.

Earnings per share

The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares.  Basic EPS is calculated
by  dividing profit or loss attributable to ordinary shareholders of the Company by the weighted average  number  of
ordinary  shares  outstanding  during  the  period.  Diluted EPS is determined  by  adjusting  the  profit  or  loss
attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects
of all dilutive potential ordinary shares.

Financial Instruments

Cash and Cash Equivalents

Cash  and  Cash Equivalents in the balance sheet comprise cash at bank and in hand and short term deposits  with  an
original maturity of three months or less. Bank overdrafts that are repayable on demand and form part of the Group's
cash  management  are  included as a component of cash and cash equivalents for the  purpose  of  the  statement  of
cashflows.

Trade and other receivables / payables

Trade and other receivables and payables are stated at cost less impairment, which approximates fair value given the
short dated nature of these assets and liabilities.

Share capital

Incremental costs directly attributable to the issue of ordinary shares are recognised directly in equity.

3. Loss per share

Basic loss per share
        
The weighted average number of ordinary shares used in the calculation of basic loss per share is as follows:
        
                                                                             1 Sep '09 to            15 Jun '09 to
                                                                               30 Sep '10               31 Aug '09
                                                                                        $                        $

        Loss for the year attributable to equity
        holders of the parent                                                     339,719                  160,834
                                                                                 ________                 ________

        Weighted average number of ordinary shares
        for the purposes of basic earnings per share:                          22,553,084                      700
        
                                                                                 ________                 ________
        
        Basic loss per ordinary share:                                               0.02                   229.76
        
                                                                                 ________                 ________

        Diluted loss per share

        Diluted loss per share is the same as basic loss per share as there are no diluting instruments that would
        convert to ordinary shares.
        
4. The  figures  for the period ended 30 September 2010 and 31 August 2009 do not constitute statutory accounts.  The
figures  for the period ended 30 September 2010 have been extracted from the statutory accounts for that year  which
have  yet  to  be delivered to the Registrar of Companies and on which the auditor has yet to issue an opinion.  The
figures  for  the year ended 31 August 2009 have been extracted from the statutory accounts for that period  and  on
which  the auditor issued an unqualified audit report, modified to include an emphasis of matter in relation to  the
recoverability  of  the  exploration  and evaluation assets. The auditor has indicated  that  their  report  on  the
statutory  accounts  for the period ended 30 September 2010 will be modified with regard to  going  concern  and  an
emphasis of matter in relation to the recoverability of the exploration and evaluation assets.


5. The information contained in this announcement has been agreed with the Company's auditor.


                                                    --- ENDS ---


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

For further information contact:

U.S. Oil and Gas plc
Brian McDonnell, Chief Executive Officer +353 (0) 872383419

SVS Securities plc - PLUS Corporate Adviser
Peter Ward / Alexander Brearley +44 (0)20 7638 5600

SVS Securities plc - Broker
Ian Callaway / Alex Mattey +44 (0)20 7638 5600
ian.callaway@svssecurities.com

Conduit PR
Jonathan Charles +44 (0)20 7429 6611
jonathan@conduitpr.com +44 (0)7791 892509

Notes to Editors

US  Oil and Gas plc is a PLUS (Ticker: USOP) listed 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  into  marketable
opportunities for the medium and large-sized oil companies. The Company's main asset is in Nye County, Nevada  where
it  holds the entire share capital of the US-based company Major Oil International LLC.  Major Oil has acquired, and
intends to acquire, rights to exploration and development acreage in two high potential resource areas 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.

The  IPDS  Passive  Seismic  Survey  results reported on 26th February 2010 showed  high  DHI  (Direct  Hydrocarbons
Indicator)  readings for Section 2 (North), with DHI of 0.96.  This section was identified as the likely first  well
drilling  target and which has now been staked and prepared for the first well drilling campaign.  DHI readings  for
Section  3  (East) of up to 0.59 DHI, led USOIL to nominate this section as its likely second well-drilling  target.
Geochemical  results  for  Eblana  Phase  I indicates five clearly defined hydrocarbon  reservoirs,  with  excellent
correlation with IPDS and gravity/magnetic survey results.

The  final shortlist of well-drilling contractors has been drawn up and the result of the selection process will  be
announced in due course.


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

Contact Information

  • U.S. OIL AND GAS PLC