13 March 2017 – U.S. Oil & Gas Plc.- Results of the Open Offer

U.S. Oil & Gas Plc.

(“U.S. Oil” or the “Company”)

Results of the Open Offer

U.S. Oil & Gas Plc, (“USOIL” or the “Company”), the oil and gas exploration company with assets in Nevada, makes the following announcement:

On 10 February 2017, U.S. Oil and Gas Plc, announced a conditional offer (the “Open Offer”) of 8,088,285 ordinary shares of €0.0001 (the “Open Offer Shares”) to Qualifying Shareholders at a price of £0.27 (equivalent to approximately €0.32) per Open Offer Share (the “Open Offer Issue Price”) on the following basis:

10 Open Offer Shares for every 63 Ordinary Shares held
The Open Offer closed for acceptances at 11:00 a.m. on 10 March 2017, and the Company is pleased to confirm that it has now received valid acceptances in respect of 4,361,348 Open Offer Shares from Qualifying Shareholders. This represents approximately 54 percent of the Open Offer Shares offered. Qualifying shareholders who validly applied for Open Offer Shares will receive the full amount of Open Offer Shares for which they applied. The gross proceeds of the Open Offer are circa $1,482,858.

The 4,361,348 new ordinary shares will rank (pari passu) in all respects with the existing ordinary shares of €0.0001 each in issue including the right to receive all dividends or other distributions declared, made or paid after the date of their issue. The shares will be allotted to the USOIL register on 14 March 2017.

Following the Placing, the issued share capital of the Company will increase to 54,663,423 ordinary shares of €0.0001 each. The Company holds 717,612 shares in Treasury, therefore the total number of Ordinary Shares in the Company with voting rights will be 54,663,423. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.

Capitalised terms in this announcement, unless the context requires otherwise, shall have the same definition as in the circular to Shareholders dated 10 February 2017.

Brian McDonnell, CEO U.S. Oil and Gas plc, said:

“I would like to thank shareholders for the tremendous support they have shown for the Company and its strategy. The success of this Open Offer has been vitally important for US Oil, and we are now well positioned to press ahead with our operational and corporate agendas.”


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 (1) 631 9022
Alexander David Securities Ltd – Corporate Finance Adviser
David Scott +44 (0) 20 7448 9820
James Dewhurst +44 (0) 20 7448 9820
Email: [email protected]

About U.S. Oil & Gas:
U.S. Oil & Gas plc 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.

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