U.S. OIL and GAS plc's (Ticker: USOP) core activities are in the USA, with ongoing exploration activity in Nevada where the company holds a large lease acreage.

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

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                                                                                       
 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                                                                                     
 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
                                                        $             $            $            $           $
 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
                                                                       $                 $
 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.


For further information contact:

U.S. Oil & Gas plc

Brian McDonnell, Chief Executive Officer +353 (0) 872383419


Lionsgate Communications - Financial Public Relations

Jonathan Charles +44 (0)7791892509


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