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.

31 May, 2013 - U.S. Oil & Gas Plc. - Unaudited Interim Results for the six month period to 31 March 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
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Total assets 6,846,133 6,178,030 7,759,281
--------------------------------------------
--------------------------------------------

Equity and liabilities

Equity
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
Capital

$ $ $ $ $

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
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Basic and diluted loss per share (cent) (1.45) (1.35) (2.95)
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5.2 Intangible assets - Exploration and Evaluation Assets
Nevada, Total
America
$ $
Cost
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
area.

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
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-----------------------------------------------

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.

THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT

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
jcharles@lionsgatecomms.com

GXG Markets
Simon Kiero-Watson +44 (0) 20 7653 1935
skw@gxgmarkets.co.uk

Alex Benger +44 (0) 20 7653 1935
ahb@gxgmarkets.co.uk

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

USA
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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