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.

29 May 2015 - U.S. Oil & Gas Plc.- Interim Results

U.S. Oil & Gas Plc.                              

("U.S. Oil" or the "Company")                         

Interim Results                                

U.S. Oil & Gas Plc (GXG London: USOP, OTC New York: USOPY), the oil and gas exploration company with assets in Nevada, is pleased to report its interim results for the six months ended 31 March 2015.

Corporate highlights:

GXG Markets restored trading in the Company's securities at 9.00 CET, Tuesday 26th of May 2015 after its suspension of 15 December 2014.  This action follows the completion by GXG Markets of its investigation and the findings of an
independent Due Diligence Report that confirmed that the Company had not misled the market.

The primary aim of the Company has been to negotiate a partnership that would allow it to develop  its Hot Creek Valley discovery by drilling further wells.  To this end the Company has continued its intensive promotional activities
within the industry.  Complex negotiations have taken place, and active engagement continues. The extraordinary industry turbulence of the last months and the negative impact of the GXG Markets suspension has undoubtedly affected the rate of progress in this regard.  However, the Board believes that, as a conventional oil play with low uplift costs, the project remains a highly attractive partnership proposition.

Financial highlights:

The suspension of trading in the Company's shares by GXG Markets exposed US Oil
and Gas to substantial  additional costs.  At the period-end the Company had
cash and cash-equivalents, excluding treasury shares, of US$271,521.

Operational highlights:

1.  A Composite 3D model of the Hot Creek Valley property based on the data acquired in 2014 and identifying the oil pools is now complete.

2.  A drill targeting study based on all available data is now complete.

Consolidated statement of comprehensive income                                                             
For the six months ended 31 March                                                                      
                                                     Six Months         Six Months               Year      
                                                          Ended              Ended              Ended      
                                      Notes           31-Mar-15          31-Mar-14          30-Sep-14      
                                                              $                  $                  $      
Continuing Operations                                                                                      
Other Income                                                                                               
                                                            255                196                434      
Administrative Expenses                                                  (224,579)          (492,025)      
(Loss) before tax                                                        (224,382)          (491,591)      
Income tax expense                                                                                         
                                                              -                  -                  -      
Loss for the period and total                                            (224,382)          (491,591)      
comprehensive loss for the period                     (318,378)                                            
Earnings per share (all continuing)                                                                        
Basic and diluted loss per share        1.1                                                                
(cent)                                                   (0.76)             (0.54)             (1.13)      
Consolidated statement of changes in equity                                                                
                              Ordinary Share   Share Premium   Share based       Retained             Total
                                     Capital                      payments         losses                  
                                           $               $             $              $                 $
Balance at 1 October 2013              5,670       9,742,553       168,305    (3,943,322)         5,973,206
Loss for the Period                                        -                    (491,591)         (491,591)
                                           -                             -                                 
Share based payments                                                                                       
reserve                                                                                                   -
Balance at 30 September                5,670       9,742,553       168,305    (4,434,913)         5,481,615
Balance at 30 September                5,670       9,742,553       168,305    (4,434,913)         5,481,615
Loss for the Period                                        -                    (318,378)         (318,378)
                                           -                             -                                 
Share based Payments                                       -                            -                  
reserves                                   -                                                              -
Balance at 31 March 2015               5,670       9,742,553       168,305    (4,753,291)         5,163,237


Consolidated statement of financial                                                 
                                               31-Mar-15       31-Mar-13   30-Sep-14
                                       Note            $               $           $
Non Current Assets                     1.2                     4,714,912            
                                               5,180,296                   5,173,729
Current assets                                                                      
                                                  52,869          87,418      74,861
Cash and cash equivalents                                      2,043,803            
                                                 271,521                     519,240
Total assets                                                   6,846,133            
                                               5,504,686                   5,767,830
Equity and liabilities                                                              
Ordinary Share Capital                 1.3                                          
                                                   5,670           5,670       5,670
Share Premium                          1.3                     9,742,553            
                                               9,742,553                   9,742,553
Share Based Payments Reserve                                                        
                                                 168,305               -     168,305
Retained Earnings                                            (2,947,887)            
                                             (4,753,290)                 (4,434,913)
Equity attributable to the owners of                           6,800,336            
the Company                                    5,163,238                   5,481,615
Current Liabilities                                                                 
Trade & Other Payables                                                              
                                                 341,448          45,797     286,215
Total liabilities                                                                   
                                                 341,448          45,797     286,215
Total equity and liabilities                                   6,846,133            
                                               5,504,686                   5,767,830


Consolidated Statement of Cash Flows                                                      
                                               Six Months    Six Months               Year
                                                    Ended         Ended              Ended
                                                31-Mar-15     31-Mar-14          30-Sep-14
                                                        $             $                  $
Cash flows from operating activities                                                      
(Loss) for the year                                                              (492,025)
                                                (318,632)     (224,579)                   
Movements in working Capital                                                              
Decrease/(increase) in trade and other                          145,858            112,555
receivables                                        21,992                                 
(Decrease)/Increase in trade and other                                                    
payables                                           55,233      (89,250)            (3,858)
Cash used in operations                                                          (383,328)
                                                (241,407)     (167,971)                   
Interest Paid                                                                             
                                                        -             -                  -
Net cash (used) in operating activities                                          (383,328)
                                                (241,407)     (167,971)                   
Cash flows from investing activities                                                      
Interest Received                                                                         
                                                      255           196                434
Payments for exploration and evaluation                                                   
assets                                            (6,567)       (3,460)           (83,851)
Net cash used in investing activities                                                     
                                                  (6,312)       (3,264)           (83,417)
Net (decrease) / increase in cash and cash                                       (466,745)
equivalents                                     (247,720)     (171,236)                   
Cash and cash equivalents at the beginning        519,240       985,985            985,985
of period                                                                                 
Cash and cash equivalents at end of period        271,520       814,749            519,240


      1 Notes to the Interim Financial                                             
    1.1 Loss per share                                                             
        The calculation of basis 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-15     31-Mar-14      30-Sep-14
                                                     $             $              $
        Loss for period                                                            
                                             (318,378)     (224,382)      (491,591)
        Weighted average number of shares   41,682,356                             
                                                          41,682,356     41,682,356
        Basic & Diluted (Loss) per share                                           
                                                (0.76)        (0.54)         (1.18)
    1.2                                                      Nevada,          Total
                                                                   $              $
        At 1 October 2012                                  4,714,912      4,714,912
        Additions                                            458,817        458,817
        At 30 September 2013                               4,714,912      4,714,912
        Additions                                            458,817        458,817
        At 30 September 2014                               5,173,729      5,173,729
        Additions                                              6,567          6,567
        At 31st March 2015                                 5,180,296      5,180,296
        Net Book Value                                                             
        At 30 September 2014                               5,173,729      5,173,729
        At 31 March 2015                                   5,180,296      5,180,296
        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 2015. 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.                       
    1.3 Share Capital                       Six Months    Six Months           Year
                                                 Ended         Ended          Ended
                                             31-Mar-15     31-Mar-14      30-Sep-14
                                                     $             $              $
        Authorised equity                                                          
         20,000,000,000 ordinary share of                                          
        €0.00001                             2,854,000     2,854,000      2,854,000
        Issued Share Capital                    Number     Ord Share          Share
        Fully paid ordinary shares           of shares       Capital        Premium
                                                     #             $              $
        Balance at 1 October 2012           41,682,356                             
                                                               5,670      9,942,553
        Issue of shares for cash                                                   
        Balance at 30 September 2013        41,682,356                             
                                                               5,670      9,942,553
        Issue of shares for cash                                                   
        Balance at 30 September 2014        41,682,356                             
                                                               5,670      9,942,553
        Issue of shares for cash                                                   
        Balance at 31 March 2015            41,682,356                             
                                                               5,670      9,942,553



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:  james.dewhurst@ad-securities.com

GXG Markets
Peter Almberg/Alex Benger +44 (0) 20 7 947 4303

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 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.

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