U.S. OIL AND GAS PLC
LSE : USOP

June 30, 2011 09:46 ET

Un-audited Interim Results for the six month period to 31 March 2011

30 June 2011
                                            U.S. Oil and Gas plc
                                                      
                                         ("US Oil" or "the Company")
                                                      
                    Un-audited Interim Results for the six month period to 31 March 2011

U.S Oil and Gas Plc (PLUS: USOP), the oil and gas exploration company with exploration assets in Nevada,
announces its unaudited Interim Results for the six month period to 31 March 2011.

                                           Statement of the Board

On 26 January 2011, the Company announced that it had changed its accounting reference date to 30 September,
and as such is pleased to report its interim results for the six months ended 31 March 2011.

The Company continues to make progress on the development of its lease area in preparation for drilling.

To  finance the drilling programme, on 28 March 2011, the Company signed a Heads of Terms agreement to put in
place a secured convertible loan note facility of up to $5.1m. The combined funding potentially available  to
the  Company via the placing that was performed in March 2011 and the convertible loan note facility will  be
up to $8.5m, which is intended to fully finance the Company's drilling programme.

A  preliminary  estimate  of total Prospective Resources (Maximum Possible oil in  place  Estimates)  of  187
million  barrels was made for Eblana Phase 1 and was announced on 30 March 2011.  Further work  is  currently
being  undertaken which will allow a final pre-drilling estimate of oil in place to be made, which is  to  be
followed by the first of a number of expected drilling activities.

The Directors are considering the establishment of an executive option scheme. Such a scheme will require the
approval of shareholders in general meeting and further details will be announced as appropriate.

The Directors do not recommend the payment of an interim dividend. No Dividend was paid in relation to the
period from 1st September 2009 to 30th September 2010.

Brian McDonnell, Chief Executive Officer

The following interim historical financial information on U.S. Oil and Gas Plc represents the Company's
interim results for the 6 months ended 31 March 2011. The financial information (for which the Directors have
accepted responsibility) is unaudited.


1. Consolidated Statement of Comprehensive Income
For the six months ended 31 March 2011

                                                   Notes              6                  6                 13
                                                                 months             months             months
                                                                  ended              ended              ended
                                                              31/3/2011          28/2/2010         30/09/2010
Continuing Operations                                                 $                  $                  $
Revenue                                                               -                  -                  -
                                                       
Administrative Expenses                                       (157,531)          (261,548)          (340,785)
                                                          ---------------------------------------------------
Results from Operating Activities                             (157,531)          (261,548)          (340,785)

Finance Income                                                      661                  -                 91
Finance Expenses                                                   (91)                  -                  -
                                                          ---------------------------------------------------

Loss before tax                                               (156,961)          (261,548)          (340,694)
                                                                                                             
Income tax expense                                                    -                  -                  -
                                                          ---------------------------------------------------
Loss for the year attributable to equity                      (156,691)          (261,548)          (340,694)
holders of the Company                                                                                       

Other Comprehensive Income                                            -                  -                  -
Total Comprehensive Income for the period -                   (156,691)          (261,548)          (340,694)
all attributable to equity holders of the
Company
                                                                                                             
Loss per ordinary share - basic & diluted            5.1        (0.005)             (0.02)             (0.02)
                                                                                                             
                                                                                                             

2. Consolidated Statement of Financial Position
As at 31 March 2011
                                                      
                                                   Notes                      6            6               13
                                                                         months       months           months
                                                                          ended        ended            ended
                                                                      31/3/2011    28/2/2010       30/09/2010
Assets                                                                        $            $                $
Non Current Assets                                                                                           
   Property, Plant & Equipment                                                -                             -
                                                                                    5,611
   Exploration and evaluation assets                5.2                 166,026       96,555          125,954
                                                          ---------------------------------------------------
                                                                                                             
Total non current assets                                                166,026      102,166          125,954
                                                          ---------------------------------------------------
                                                                                                           
Current assets                                                                                               
   Trade and other receivables                                        3,153,572        5,969                -
   Cash and cash equivalents                                            289,676      104,579          290,835
                                                          ---------------------------------------------------
                                                                      3,443,248      110,548          290,835
                                                          ---------------------------------------------------
                                                                                                             
Total assets                                                          3,609,274      212,714          416,789
                                                          ---------------------------------------------------
                                                                                                             
Equity and liabilities                                                                                       
                                                                                                             
Capital and reserves                                                                                         
   Issued share capital                            5.3                    5,158        3,794            4,323
   Share premium account                                              4,040,536      513,565          839,619
   Other reserves                                                                      (318)                -
                                                                 -
   Retained earnings                                                  (680,810)    (423,320)        (492,664)
                                                          ---------------------------------------------------
Total equity attributable to equity                                                                          
Holders of the company                                                3,364,884       93,721          351,278
                                                          ---------------------------------------------------
                                                                                                         
Current liabilities                                                                                          
Trade and other payables                                                244,390      118,993           73,371

                                                          ---------------------------------------------------
                                                                                                            
Non-Current liabilities                                                                                      
Other creditors                                                                            -                -
                                                          ---------------------------------------------------
                                                                                                             
Total liabilities                                                       244,390      118,993           73,371
                                                          ---------------------------------------------------
                                                                                                             
Total equity and liabilities                                          3,609,274      212,714          424,649
                                                          ---------------------------------------------------



3. Consolidated Statement of Changes in Equity
As at 31 March 2011

                                                                         Share                              
                                                         Share         premium       Retained               
                                                       Capital         account       earnings          Total
                                                             $               $              $              $
At 1 September 2009                                          -               -      (160,834)      (160,834)
Shares issued                                            4,323                              -        843,942
                                                                   839,619
Loss for the period                                          -               -      (331,830)      (331,830)
                                                      ------------------------------------------------------
At 30 September 2010                                     4,323         839,619      (492,664)        351,278
                                                      ------------------------------------------------------
Shares issued                                              835       3,200,917              -      3,201,752
Loss for the period                                          -               -      (188,146)      (188,146)
                                                      ------------------------------------------------------
At 31 March 2011                                         5,158       4,040,536      (680,810)      3,364,884
                                                      ------------------------------------------------------
                                                                                                            

The  financial  information  in  this  announcement has been prepared on  a  consistent  basis  applying  the
accounting  policies  which  have  applied in the past and will apply  in  the  next  annual  accounts.   The
information  in this announcement has not been audited, but has been reviewed by the Company's  auditors  who
have not issued any report on the accounts.



4. Consolidated Statement of Cashflows
For the six months ended 31 March 2011

                                                                            6               6              13
                                                                       months          months          months
                                                                        ended           ended           ended
                                                                    31/3/2011       28/2/2010      30/09/2010
                                                                            $               $               $
Cash flows from operating activities                                                                         
                                                                                                             
  (Loss) for the period                                             (157,531)       (261,548)       (340,785)
   Finance costs recognised in profit/loss                               (91)               -               -
   Other non cash expenses                                                  -               -               -
   Depreciation of non-current assets                                       -               -               -
                                                                ---------------------------------------------
Cash from operations before changes                                 (157,622)       (261,548)       (340,785)
in working capital
Movements in working capital                                                                                 
   Decrease/(Increase) in trade and other receivables             (3,153,572)         (6,374)               -
 Increase/ (Decrease) in trade and other payables                     171,019        (44,961)       (213,573)
                                                                ---------------------------------------------
Net cash generated from operating activities                      (3,140,175)       (312,883)       (554,358)
                                                                                                             
                                                                ---------------------------------------------
Net cash generated/(used) by operating activities                 (3,140,175)       (312,883)       (554,358)
                                                                ---------------------------------------------
                                                                ---------------------------------------------
                                                                                                             
Cash flows from investing activities                                                                         
                                                                                                             
   Investment income received                                             661               -              91
   Payments for property, plant and equipment                               -         (5,611)               -
  Expenditure on exploration and evaluation assets                   (40,072)        (44,409)        (68,144)
                                                                ---------------------------------------------
                                                                                                             
Net cash used in investing activities                                (39,411)        (50,020)        (68,053)
                                                                ---------------------------------------------
                                                                                                             
Cash flows from financing activities                                                                         
Proceeds of issued share capital                                    3,201,752         398,178         843,942
                                                                ---------------------------------------------
                                                                                                             
Net cash generated by financing activities                          3,201,752         398,178         843,942
                                                                ---------------------------------------------
                                                                                                             
Net (Decrease) /increase in cash and cash equivalents                  22,166          35,275         221,531
Effect  of  foreign exchange fluctuations on  cash  and  cash        (23,325)               -               -
equivalents
                                                                                                             
Cash and cash equivalents at start of period                          290,835          69,304          69,304
                                                                                                             
Cash and cash equivalents at end of period                            289,676         104,579         290,835
                                                                ---------------------------------------------

5. Notes to the Interim Financial Information


5.1  Loss per share
The calculation of basic loss per ordinary share is based on the loss per year and the average number of
ordinary shares in issue during the relevant year as set out below.  There is no difference between the
diluted loss per share and the basic loss per share.

                                                                            6              6               13
                                                                       months         months           months
                                                                        ended          ended            ended
                                                                    31/3/2011      28/2/2010       30/09/2010
                                                                            $              $                $
Loss for the year                                                   (156,691)      (261,548)        (340,694)
                                                                ---------------------------------------------
                                                                                                             
Weighted average number of shares                                  31,707,739     14,978,148       22,553,084
                                                                ---------------------------------------------
                                                                                                             
Basic & Diluted (loss) per share                                      (0.005)         (0.02)           (0.02)
                                                                ---------------------------------------------



5.2 Intangible assets - Exploration and Evaluation Assets
                                                                                   Nevada,              Total
                                                                                   America                  
                                                                                         $                  $
Cost                                                                                                          
At 1 October 2009                                                                   57,810              57,810
Additions                                                                           68,144              68,144
                                                                ----------------------------------------------
At 30 September 2010                                                               125,954             125,954
Additions                                                                           40,072              40,072
                                                                ----------------------------------------------
At 31 March 2011                                                                   166,026             166,026
                                                                ----------------------------------------------

Provision for diminution in value                                                                             
At 1 October 2009                                                                        -                   -
Charge for period                                                                        -                   -
                                                                ----------------------------------------------
At 30 September 2010                                                                     -                   -
                                                                ----------------------------------------------
Charge for period                                                                        -                   -
                                                                ----------------------------------------------
At 31 March 2011                                                                         -                   -
                                                                ----------------------------------------------
                                                                                                              
Net book value                                                                                                
At 31 March  2011                                                                  166,026             166,026
                                                                ----------------------------------------------
At 30 September 2010                                                               125,954             125,954



Expenditure on exploration activities is deferred on areas of interest until a reasonable assessment  can  be
determined  of  the  existence or otherwise of economically recoverable reserves. No  amortisation  has  been
charged  in  the  period.  The directors have reviewed the carrying value of the exploration  and  evaluation
assets  and  consider  it to be fairly stated and not impaired at 31 March 2011. The  recoverability  of  the
exploration and evaluation assets is dependent on the successful development or disposal of oil  and  gas  in
the Group's licence area.



5.3 Share capital                                                                                          13
                                                                 6 months            6 months          months
                                                                    ended               ended           ended
                                                                31/3/2011           28/2/2010      30/09/2010
Authorised                                                              $                   $               $
20,000,000,000 ordinary shares of €0.0001 each                  2,854,400           2,854,400       2,854,400
                                                             ------------------------------------------------
                                                                                                            

Ordinary Shares                                                 Number of       Share Capital           Share 
                                                                   Shares                             Premium
                                                                                            $               $
Balance at 1 September 2009                                             7                   -               -
                                                             ------------------------------------------------
Subdivision of existing shares                                        693                                    
Issued for cash                                                31,674,807               4,323         960,215
Share issue costs                                                       -                   -       (120,596)
                                                             ------------------------------------------------
Balance at 30 September 2010                                   31,675,507               4,323         839,619
                                                             ------------------------------------------------
Issued for cash                                                 5,831,830                 832       3,338,303

Issued for non cash consideration                                  34,445                   3          19,554
Share issue costs                                                       -                   -       (156,939)
                                                             ------------------------------------------------
Balance at 31 March 2011                                       37,541,782               5,158       4,040,536
                                                             ------------------------------------------------


Details of the ordinary shares issued during the period are given in the table below:

Date                       Description                                      Price                No. of
                                                                                                 shares
30 March 2011              Issued for cash consideration                    Stg £0.36            5,831,830
30 March 2011              Issued in lieu of placing commission             Stg £0.36            34,445



5.4 Post Balance Sheet Events

On 3 April 2011, 1,000,000 Ordinary Shares of €0.0001 each, in the Company held by a former director Mr. Nial
Ring have been gifted back to the Company at nil consideration. This is part of a share allocation adjustment
following an over generous allocation of shares to him prior to the Company's flotation. The 1,000,000
Ordinary Shares are held as treasury shares.

On 28 March 2011, the Company signed a Heads of Term agreement to put in place a secured convertible loan
note facility of up to $5.1m. The combined funding potentially available to the Company via the placing and
the convertible loan note facility will be up to $8.5m, which is intended to fully finance the Company's
drilling programme.
        
                                                --- 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

Notes to Editors

U.S.  Oil  and  Gas plc is a PLUS-listed (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  into
marketable  opportunities  for 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.

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

U.S. OIL AND GAS PLC

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