May 31, 2013 02:00 ET

Unaudited Interim Results for the six month period to 31 March 2013

31 May, 2013

                                              U.S. Oil & Gas Plc.
                                         ("U.S. Oil" or the "Company")
                      Unaudited Interim Results for the six month period to 31 March 2013
U.S. Oil & Gas Plc (GXG London: USOP, OTC New York: USOPY), the oil and gas exploration company with
exploration assets in Nevada, is pleased to announce its Unaudited Interim Results for the six month period to
31 March 2013.

                                              Chairman's Statement

Testing of the Company's Eblana #1 well in Hot Creek Valley, USA, was completed in May 2013 and confirmed a
significant oil discovery by the Company's wholly owned subsidiary  Major Oil International LLC ('Major Oil').
The discovery and the probable presence of significant hydrocarbon resources have been independently confirmed
in a Competent Person's Report (CPR) by Forrest A. Garb & Associates (FGA), which we announced to the market on
23 May 2013.

The CPR shows that a portion of the discovery, the area updip to Eblana #1, has now been reclassified by FGA
from Prospective to Contingent Resources, reflecting their opinion of the significantly reduced risk associated
with the discovery.  The CPR discloses that the Best Estimate (P50) of net recoverable Contingent Resources for
the Tertiary Volcanics in the Eblana #1 lease area, is 19 million barrels ('MMBbl'), while prospective original
oil-in-place ('OOIP') resources are estimated at 107 MMBbl.   Over the entire 88 sq.km lease area, FGA's Best
Estimate (P50) for the Tertiary Volcanics of net recoverable Prospective Resources is 57 MMBbl with prospective
OOIP resources of 283 MMBbl.  Oil quality is higher than the producing wells in neighbouring Railroad Valley at
between 28.5 API and 33 API.  The high estimates in the CPR indicate that there are up to 3.3 billion Bbl or
more over the entire 88 sq.km U.S. Oil lease area.

FGA confirmed that the Company has carried out its operations to the highest standards and they state: 'The
ongoing exploration activities undertaken and proposed in the program are consistent with current practices in
the oil and gas exploration.  Major Oil used a thorough, rigorous process to identify possible oil and gas
accumulations, mitigate risk and determine the location of Eblana #1.'

During the six month period covered by this report, administration expenses remained steady at $604k (2012:
$576k). Other operational costs increased in line with drilling operations.  Cash and Cash Equivalents
excluding treasury shares and other receivables amounted to $2.17m (2011: $5.269m) on 31 March 2013.

The Company now intends expanding the management team whilst maintaining tight control of expenditure.
Additional personnel may include senior technical, administration and ground project management expertise.

In November 2012, US Oil successfully obtained a Court Order in Dublin requiring certain website operators to
disclose the identities of those users of their bulletin boards who had made unlawful statements concerning the
Company and its directors.  The Company will continue to pursue those who defame US Oil and its officers.

The Company has appointed Deutsche Bank Trust Company Americas as depositary bank for its American Depositary
Receipt (ADR) programme, and on 22 March 2013 trading commenced in the depositary securities on the over-the-
Counter ("OTC") market in the United States of America.

The Company is currently developing its operational plans in the light of FGA's recommendations and intends to
apply its customary rigour to evaluating and implementing those plans.  Development pathways to enhance the
Company's administrative and operational capabilities will be studied in the light of the likely operational
requirements.  All financing and partnership options will be considered on their merits in the light of the
various development pathways being considered.

And finally, I would like to thank US Oil's shareholders, who have supported the Company through the recent
tumultuous market conditions affecting all exploration companies and yet continue to support our actions.

The following interim historical financial information on U.S. Oil and Gas Plc represents the Company's interim
results for the six months ended 31 March 2013. 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 2013

                                                                 Six Months       Six Months             Year
                                                                      Ended            Ended            Ended
                                                   Notes          31-Mar-13        31-Mar-12        30-Sep-12
                                                                          $                $                $
Continuing Operations                                                                                       
Revenue                                                                   -                -                - 
Other Income                                                            685           18,111           21,535
Administrative Expenses                                           (604,365)        (576,584)      (1,242,527)
Loss before tax                                                   (603,680)        (558,473)      (1,220,992)
Income tax expense                                                       -                -                -
Loss for the period and total comprehensive                                                                 
loss for the period                                              (603,680)        (558,473)      (1,220,992)
Earnings per share (all continuing)                                                                  
Basic and diluted loss per share (cent)            5.1              (1.45)           (1.39)           (2.95)

2. Consolidated Statement of Financial Position
As at 31 March 2013 

                                                                         Six             Six               
                                                                      Months          Months           Year
                                                                       ended           ended          Ended
                                                                   31-Mar-13       31-Mar-12      30-Sep-12
                                                       Note                $               $              $
Non Current Assets                                     5.2         4,714,912         908,692      3,947,199
Current assets                                                                                             

Debtors                                                               87,418               -        294,352

Cash and cash equivalents                                          2,043,803       5,269,338      3,517,730
Total assets                                                       6,846,133       6,178,030      7,759,281
Equity and liabilities                                                                                     
Ordinary Share Capital                                 5.3             5,670           5,634          5,670
Share Premium - Ord Shares                             5.3         9,742,553       7,795,577      9,742,553

Other Reserves                                                             -          44,336              -

Retained Earnings                                                (2,947,887)     (1,681,689)    (2,344,208)

Equity attributable to the owners of the Company                   6,800,336       6,163,858      7,404,015
Current Liabilities                                                                                        

Trade & Other Payables                                                45,797          14,172       355,266
Total liabilities                                                     45,797          14,172       355,266
Total equity and liabilities                                       6,846,133       6,178,030     7,759,281

3. Consolidated Statement of Changes in Equity
As at 31 March 2013

                                                 Ordinary         Share        Other       Retained          Total
                                                    Share       Premium     Reserves         losses
                                                        $             $            $              $              $
Balance at 1 September 2011                         5,634     7,795,577            -     (1,123,216)     6,677,995

Loss for the Period                                     -             -            -     (1,220,992)   (1,220,992)
Currency Translation                                    -             -            -              -              -
Issue of share capital                                 36     1,946,976            -              -      1,947,012
Issue Costs                                             -             -            -              -              -

Balance at 30 September 2012                        5,670     9,742,553            -     (2,344,208)     7,404,015
Balance at 30 September 2012                        5,670     9,742,553            -     (2,344,208)     7,404,015

Loss for the Period                                     -             -            -       (603,680)     (603,680)
Currency Translation                                    -             -            -               1             1
Issue of share capital                                  -             -            -                             -
Issue Costs                                             -             -            -               -             -
Balance at 31 March 2013                            5,670     9,710,136            -     (2,947,887)     6,800,336

4. Consolidated Statement of Cashflows
For the six months ended 31 March 2013

                                                                  Six Months    Six Months              Year
                                                                       Ended         Ended             Ended
                                                                   31-Mar-13     31-Mar-12         30-Sep-12
                                                                           $             $                 $
Cash flows from operating activities                                                                       
Loss for the year                                                  (604,365)     (576,584)       (1,242,527)
Foreign Exchange Movements                                                 -        44,336                 -
Movements in working Capital                                                                               

Movement in trade and other receivables                             206,935         33,228         (261,124)
Movement in trade and other payables                              (309,469)      (285,574)            55,519
Cash used in operations                                           (706,899)      (784,594)       (1,448,132)
Interest Paid                                                             -              -                 -
Net cash used in operating activities                             (706,899)      (784,594)       (1,448,132)

Cash flows from investing activities                                                                       
Interest Received                                                       685         18,111           21,535
Payments for exploration and evaluation assets                    (767,713)      (182,221)      (3,220,728)
Net cash used in investing activities                             (767,028)      (164,110)      (3,199,193)

Cash flows from financing activities                            ---------------------------------------------
Proceeds from issues of equity shares                                     -             -         1,947,012
Net decrease in cash and cash equivalents                       (1,473,927)     (948,705)       (2,700,313)
Cash and cash equivalents at the beginning of period              3,517,730     6,218,043         6,218,043

Cash and cash equivalents at end of period                        2,043,803     5,269,338         3,517,730

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.

                                                                   Six Months        Six Months              Year
                                                                        Ended             Ended             Ended
                                                                    31-Mar-13         31-Mar-12         30-Sep-12
                                                                            $                 $                 $
Loss for period                                                     (603,680)         (558,473)       (1,220,292)

Weighted average number of shares                                   1,590,536        41,398,337        41,448,916

Basic and diluted loss per share (cent)                                (1.45)            (1.35)            (2.95)

5.2 Intangible assets - Exploration and Evaluation Assets
                                                                Nevada,             Total
                                                                      $                 $
At 1 October 2011                                               726,471           726,471
Additions                                                     3,220,728         3,220,728
At 30 September 2012                                          3,947,199         3,947,199
Additions                                                       767,713           767,713

At 31 March 2013                                              4,714,912         4,714,912
Net Book Value                                                            
At 30 September 2012                                          3,947,199         3,947,199
At 31 March 2013                                              4,714,912         4,714,912

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 2013. 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

5.3  Share Capital                                                                         
                                                              Six Months        Six Months             Year
                                                                   Ended             Ended            Ended
                                                               31-Mar-13         31-Mar-12        30-Sep-12
Authorised equity                                                      $                 $                $
20,000,000,000 ordinary shares of €0.0001 each                 2,854,000         2,854,000        2,854,000

Issued Share Capital                                          Number of             Share             Share
                                                                 Shares           Capital           Premium
                                                                                        $                 $
Balance 1 October 2011                                       41,398,337             5,634         7,795,577
Issued for Cash                                                       -                 -                 -
Share Issue Expenses                                                  -                 -                 -
Balance 31 March 2012                                        41,398,337             5,634         7,795,577
Issued for Cash                                                 284,019                36         1,946,976
Share Issue Expenses                                                  -                 -                 -
Balance 30 September 2012                                    41,682,356             5,670         9,742,553
Issued for Cash                                                       -                 -                 -
Share Issue Expenses                                                  -                 -                 -
Balance 31 March 2013                                        41,682,356             5,670         9,742,553


5.4 Share 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               0.65                 22 November 2017                 895,000
Peter Whelan                  0.65                 22 November 2017                 565,000
Karim Akrawi                  0.65                 22 November 2017                 535,000
Paul O'Callaghan              0.68                 22 November 2017                 100,000
No share options have been exercised to date.

The financial information 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 financial information has not been audited but has been reviewed by the auditors who have not issued any
report on the accounts.


Neither this announcement nor the information contained herein constitutes an offer or solicitation by U.S. Oil
and Gas plc for the purchase or sale of any securities nor does it constitute a solicitation to any person in
any jurisdiction where solicitation would be unlawful.

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

GXG Markets
Simon Kiero-Watson  +44 (0) 20 7653 1935

Alex Benger  +44 (0) 20 7653 1935

ADR Broker Desk, Deutsche Bank
United Kingdom
Simon Davies and Richard Willis
Tel: +44 (0) 20 7547-6500
Fax: +44 (0) 20 7547-9995
E-mail: adr@db.com

Jay Berman
Tel: +1 212 250-9100
Fax: +1 732 544-6346
E-mail: adr@db.com

About Forrest Garb Associates

FGA staff who participated in the compilation of this report includes Mr. William D. "Donnie" Harris, III,
P.E., Ms. Stacy M. Light, P.E., Mr. Mike Rightmire, and Mr. John E. Cooper, C.P.G.  All hold degrees in
geoscience or petroleum engineering.

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.

Definitions - Contingent and Prospective Resources

The (Society of Petroleum Engineers Petroleum Resource Management System (SPE-PRMS) defines contingent
resources as "those quantities of petroleum estimated, as of a given date, to be potentially recoverable from
known accumulations by application of development projects, but which are not currently considered to be
commercially recoverable due to one or more contingencies".  One of those contingencies is stated by the SPE-
PRMS as "a discovered accumulation where project activities are ongoing to justify commercial development in
the foreseeable future".

The SPE-PRMS defines prospective resources as "those quantities of petroleum estimated, as of a given date, to
be potentially recoverable from undiscovered accumulations".  The SPE-PRMS further states that these have an
associated chance of discovery (geologic success) and a chance of development.  Prospective Resources are
exploratory in nature, carrying a high risk factor.

About American Depositary Receipts (ADRs)
An ADR is a negotiable certificate that represents ownership in securities of a non U.S. company. ADRs are
issued by a sponsoring U.S. bank and denominated in U.S. dollars. An ADR represents a specified number of
shares (or one share) in a foreign stock that is traded on a U.S. exchange.

ADRs allow foreign companies shares to be traded in a similar manner to shares in U.S. companies on the New
York Stock Exchange (NYSE), the American Stock Exchange (AMEX), Nasdaq and the over-the-counter (OTC) market.
ADRs enable U.S. citizens to acquire shares in a foreign company without the need for cross border or cross
currency transactions. Any dividends and capital gains are in U.S. dollars.

About U.S. Oil & Gas
U.S. Oil & Gas plc, (GXG London: USOP, OTC New York: USOPY), is an 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.

U.S. Oil & Gas PLC.

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


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