15 August 2012 – Unaudited Interim Results for the six month period to 31 March 2012

U.S. Oil and Gas Plc (“US Oil” or “the Company”)

Unaudited Interim Results for the six month period to 31 March 2012

U.S Oil and Gas Plc (GXG: 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 2012.

Chairman’s Statement

As previously announced, in 2011 the Company completed the acquisition of data over its original lease area, identifying at least ten drilling targets raising $7.35M to finance the first stage of its development programme.

A Competent Person’s Report (CPR) from independent petroleum consultants Forrest A. Garb & Associates, Inc.
(FGA) was prepared from data related to US Oil’s original (pre-December 2011) lease area at Hot Creek Valley.
Best Estimate (50% probability based on SPE-PRMS) of Gross Prospective Resources was 189 Million Stock Tank
Barrels (MMSTB) with recoverable oil estimated at 67 MMSTB.

Through its wholly owned subsidiary, Major Oil International LLC, the Company successfully bid for an additional seven leases from the Bureau of Land Management bringing the total lease area under its control to 88 Sq KM.

During the six months to 31 March 2012 the Company was admitted to trading on the OTC platform operated by
the GXG Markets UK. It also completed and cased its first well, Eblana #1. Preparations for drilling a follow up appraisal well, Eblana #2, were also completed,

During the six month period, Other Income amounted to $18,111 (2011:$570)from interest received.
Administrative Expenses were $576k (2011:$157k). The increase in costs are mainly due to one-off costs
associated with the suspension on PLUS Markets on August 23rd 2011. Other operational costs increased in line
with drilling operations on the first well. Cash and Cash Equivalents amounted to $5,269k (2011: $289k) on 31
March 2012.

In June 2012, US Oil announced the first discovery of light sweet crude in Nevada for over 30 years when the
company drilled its first well, Eblana #1, to a total depth of 8,550 feet. At least nine large potential oil
reservoir intervals and associated high fracture zones were encountered with good porosity and hydrocarbon
shows from multiple reservoir intervals.

Subsequent advanced well-log processing and interpretation have now been completed and production zones for
perforation and testing have now been identified for flow testing. The downhole programme and its schedule
has been agreed with the workover contractor.

In a recent announcement dated 13 August 2012, the Company has confirmed the production testing programme for
its Eblana #1 well is expected to commence on 4 September 2012.

The planned work programme through December 2012 will comprise Phase I – the workover programme on Eblana #1,
testing and production, the collection of data on the entire lease acreage, completion of the next
development well and possible further appraisal wells, and the finalisation of the conceptual development
plan. We will follow with Phase II – the implementation of the “Master Development Programme.”
The Board believe that the additional funding raised on 26 July 2012 of circa $1.4M together with the
existing cash reserves provides sufficient funding to complete Phase I.

Finally, the Board would like to acknowledge the contribution to the development of the Company of our former
Chairman, Mr. Jimmy Guiry, who died on 6 January 2012.

Brian McDonnell
Chairman

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 2012. 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 2012

Six Months Six Months Year
Ended Ended Ended
Notes 31-Mar-12 31-Mar-11 30-Sep-11
$ $ $
Continuing Operations
Revenue

Other Income 18,111 570 7,486

Administrative Expenses (576,584) (157,531) (629,174)

(Loss) before tax (558,473) (156,961) (621,688)

Income tax expense – – –

Loss for the period and total comprehensive
loss for the period (558,473) (156,961) (621,688)

Earnings per share (all continuing)

Basic and diluted (loss) per share (cent) 5.1 (1.39) (0.50) (1.78)

2. Consolidated Statement of Financial Position
As at 31 March 2012

Six Six
Months Months Year
ended ended Ended
31-Mar-12 31-Mar-11 30-Sep-11
Note $ $ $

Non Current Assets 5.2 908,692 166,026 726,471

Current assets

Debtors – 3,153,572 33,228

Cash and cash equivalents 5,269,338 289,676 6,218,043

Total assets 6,178,030 3,609,274 6,977,742

Equity and liabilities

Equity
Ordinary Share Capital 5.3 5,634 5,158 5,634

Share Premium – Ord Shares 5.3 7,795,577 4,040,536 7,795,577

Other Reserves 44,336 – –

Retained Earnings (1,681,689) (680,810) (1,123,216)

Equity attributable to the owners of the Company 6,163,858 3,364,884 6,677,995

Current Liabilities

Trade & Other Payables 14,172 244,390 299,747

Total liabilities 14,172 244,390 299,747

Total equity and liabilities 6,178,030 3,609,274 6,977,742

3. Consolidated Statement of Changes in Equity
As at 31 March 2012

Ordinary Share Other Retained Total
Share Premium Reserves losses
Capital

$ $ $ $ $

Balance at 1 September 2010 4,323 839,619 – (501,528) 342,414

Loss for the Period – – – (621,688) (621,688)

Currency Translation – – – – –

Issue of share capital 1,311 7,238,605 – – 6,957,269

Issue Costs – (282,647) – – –

Balance at 30 September 2011 5,634 7,795,577 – (1,123,216) 6,677,995

Balance at 30 September 2011 5,634 7,795,577 – (1,123,216) 6,677,995

Loss for the Period – – – (558,473) (558,473)

Currency Translation – – 44,336 – 44,336

Issue of share capital – – – – –

Issue Costs – – – – –

Balance at 31 March 2012 5,634 7,795,577 44,336 (1,681,689) 6,163,858

4. Consolidated Statement of Cashflows
For the six months ended 31 March 2012

Six Months Six Months Year
Ended Ended Ended
31-Mar-12 31-Mar-11 30-Sep-11
$ $ $
Cash flows from operating activities

(Loss) for the year (576,584) (157,531) (629,174)

Foreign Exchange Movements 44,336 (23,416) –

Movements in working Capital

Decrease/(increase) in trade and other receivables 33,228 (3,153,572) (33,228)

(Decrease)/Increase in trade and other payables (285,574) 171,019 225,372

Cash used in operations (784,594) (3,163,500) (437,030)

Interest Paid – – –

Net cash (used) in operating activities (784,594) (437,030)

Cash flows from investing activities

Interest Received 18,111 570 7,486

Payments for exploration and evaluation assets (182,221) (40,072) (600,517)

Net cash used in investing activities (164,110) (39,502) (593,031)

Cash flows from financing activities

Proceeds from issues of equity shares – 3,201,752 6,957,269

Net (decrease) / increase in cash and cash equivalents (948,705) 3,162,250 5,927,208

Cash and cash equivalents at the beginning of period 6,218,043 290,835 290,835

Cash and cash equivalents at end of period 5,269,338 289,676 6,218,043

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-12 31-Mar-11 30-Sep-11
$ $ $

(Loss) for period (558,473) (156,961) (621,688)

Weighted average number of shares 41,398,337 31,707,739 34,960,296

Basic and diluted (loss) per share (cent) (1.35) (0.50) (1.78)

5.2 Intangible assets – Exploration and Evaluation Assets
Nevada, Total
America
$ $
Cost
At 1 October 2010 125,954 125,954
Additions 600,517 600,517

At 30 September 2011 726,471 726,471
Additions 182,221 182,221

At 31 March 2011 908,692 908,692

Net Book Value
At 30 September 2011 726,471 726,471

At 31 March 2011 908,692 908,692

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
Six Months Six Months Year
Ended Ended Ended
31-Mar-12 31-Mar-11 30-Sep-11
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 2010 31,675,507 4,323 839,619
Issued for Cash 5,866,275 835 3,229,308
Share Issue Expenses (28,391)
Balance 31 March 2011 37,541,782 5,158 4,040,536
Issued for Cash 3,856,555 476 4,009,297
Share Issue Expenses (254,256)
Balance 30 September 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

5.4 Post Balance Sheet Events

The Company was suspended from the PLUS market on 23rd August 2011 and delisted on 7th April 2012. The
Company listed on the GXG market on 19th April 2012.

On 27th July 2012, the company conditionally issued 284,019 ordinary shares of €0.00001 at a price of Stg
£4.00 raising $1,785,167.

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.

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

beamac@eircom.net

Lionsgate Communications – Financial Public Relations

Jonathan Charles +44 (0)7791892509

jcharles@lionsgatecomms.com

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

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