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.

26 January, 2011 - US Oil and Gas plc - Change in Accounting Reference Date


26 January 2011

U.S. Oil and Gas plc

("the Company")

Change in Accounting Reference Date

The Company announces that the Board has resolved to change the Company's accounting reference date to 30 September.

The  Directors  intend  to make the preliminary announcement of the Company's final  results  for  the period ended 30 September 2010 on 31 January 2011.

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For further information contact:

U.S. Oil and Gas plc

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

SVS Securities plc - PLUS Corporate Adviser

Peter Ward / Alexander Brearley                           +44 (0)20 7638 5600

SVS Securities plc - Broker

Ian Callaway / Alex Mattey                                +44 (0)20 7638 5600


Conduit PR

Jonathan Charles                                          +44 (0)20 7429 6611

jonathan@conduitpr.com                                    +44 (0)7791 892509

Notes to Editors

US  Oil and Gas plc is a PLUS (Ticker: USOP) listed 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 into  marketable opportunities for the medium and large-sized oil companies. The Company's main  asset is  in  Nye  County, Nevada where it holds the entire share capital of the US-based company Major  Oil International  LLC.   Major  Oil  has  acquired, and intends to acquire,  rights  to  exploration  and development acreage in two high potential resource areas 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. 

The  IPDS  Passive  Seismic  Survey results reported on 26th February 2010  showed  high  DHI  (Direct Hydrocarbons Indicator) readings for Section 2 (North), with DHI of 0.96.  This section was identified as the likely first well drilling target and which has now been staked and prepared for the first well drilling  campaign.  DHI readings for Section 3 (East) of up to 0.59 DHI, led USOIL to  nominate  this section  as its likely second well-drilling target.  Geochemical results for Eblana Phase I  indicates five clearly defined hydrocarbon reservoirs, with excellent correlation with IPDS and gravity/magnetic survey results.

The  final  shortlist of well-drilling contractors has been drawn up and the result of  the  selection process will be announced in due course.

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


(END) Dow Jones Newswires

January 26, 2011 10:33 ET (15:33 GMT)

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