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.

30 June, 2011 - US Oil and Gas - Un-audited Interim Results for the six month period to 31 March 2011

Un-audited Interim Results For the six month period to 31 March 2011.pdf

TIDMUSOP

Un-audited Interim Results for the six month period to 31 March 2011
30 June 2011
U.S. Oil and Gas plc

("US Oil" or "the Company")

Un-audited Interim Results for the six month period to 31 March 2011

U.S Oil and Gas Plc (PLUS: 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 2011.

Statement of the Board

On 26 January 2011, the Company announced that it had changed its accounting reference date to 30 September, and as such is pleased to report its interim results for the six months ended 31 March 2011.The Company continues to make progress on the development of its lease area in preparation for drilling.

To finance the drilling programme, on 28 March 2011, the Company signed a Heads of Terms agreement to put in place a secured convertible loan note facility of up to $5.1m. The combined funding potentially available to the Company via the placing that was performed in March 2011 and the convertible loan note facility will be up to $8.5m, which is intended to fully finance the Company's drilling programme.

A preliminary estimate of total Prospective Resources (Maximum Possible oil in place Estimates) of 187 million barrels was made for Eblana Phase 1 and was announced on 30 March 2011. Further work is currently being undertaken which will allow a final pre-drilling estimate of oil in place to be made, which is to be followed by the first of a number of expected drilling activities.

The Directors are considering the establishment of an executive option scheme. Such a scheme will require the approval of shareholders in general meeting and further details will be announced as appropriate.

The Directors do not recommend the payment of an interim dividend. No Dividend was paid in relation to the period from 1st September 2009 to 30th September 2010.

Brian McDonnell, Chief Executive Officer

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 2011. 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 2011

Notes 6 6 13
months months months
ended ended ended
31/3/2011 28/2/2010 30/09/2010
Continuing Operations $ $ $
Revenue - - -

Administrative Expenses (157,531) (261,548) (340,785)
---------------------------------------------------
Results from Operating Activities (157,531) (261,548) (340,785)

Finance Income 661 - 91
Finance Expenses (91) - -
---------------------------------------------------

Loss before tax (156,961) (261,548) (340,694)

Income tax expense - - -
---------------------------------------------------
Loss for the year attributable to equity (156,691) (261,548) (340,694)
holders of the Company

Other Comprehensive Income - - -
Total Comprehensive Income for the period - (156,691) (261,548) (340,694)
all attributable to equity holders of the
Company

Loss per ordinary share - basic & diluted 5.1 (0.005) (0.02) (0.02)

2. Consolidated Statement of Financial Position
As at 31 March 2011

Notes 6 6 13
months months months
ended ended ended
31/3/2011 28/2/2010 30/09/2010
Assets $ $ $
Non Current Assets
Property, Plant & Equipment - -
5,611
Exploration and evaluation assets 5.2 166,026 96,555 125,954
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Total non current assets 166,026 102,166 125,954
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Current assets
Trade and other receivables 3,153,572 5,969 -
Cash and cash equivalents 289,676 104,579 290,835
---------------------------------------------------
3,443,248 110,548 290,835
---------------------------------------------------

Total assets 3,609,274 212,714 416,789
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Equity and liabilities

Capital and reserves
Issued share capital 5.3 5,158 3,794 4,323
Share premium account 4,040,536 513,565 839,619
Other reserves (318) -
-
Retained earnings (680,810) (423,320) (492,664)
---------------------------------------------------
Total equity attributable to equity
Holders of the company 3,364,884 93,721 351,278
---------------------------------------------------

Current liabilities
Trade and other payables 244,390 118,993 73,371

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

Non-Current liabilities
Other creditors - -
---------------------------------------------------

Total liabilities 244,390 118,993 73,371
---------------------------------------------------

Total equity and liabilities 3,609,274 212,714 424,649
---------------------------------------------------

3. Consolidated Statement of Changes in Equity
As at 31 March 2011

Share
Share premium Retained
Capital account earnings Total
$ $ $ $
At 1 September 2009 - - (160,834) (160,834)
Shares issued 4,323 - 843,942
839,619
Loss for the period - - (331,830) (331,830)
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At 30 September 2010 4,323 839,619 (492,664) 351,278
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Shares issued 835 3,200,917 - 3,201,752
Loss for the period - - (188,146) (188,146)

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At 31 March 2011 5,158 4,040,536 (680,810) 3,364,884
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The financial information in this announcement 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 information in this announcement has not been audited, but has been reviewed by the Company's auditors who have not issued any report on the accounts.

4. Consolidated Statement of Cashflows
For the six months ended 31 March 2011

6 6 13
months months months
ended ended ended
31/3/2011 28/2/2010 30/09/2010
$ $ $
Cash flows from operating activities

(Loss) for the period (157,531) (261,548) (340,785)
Finance costs recognised in profit/loss (91) - -
Other non cash expenses - - -
Depreciation of non-current assets - - -
---------------------------------------------
Cash from operations before changes (157,622) (261,548) (340,785)
in working capital
Movements in working capital
Decrease/(Increase) in trade and other receivables (3,153,572) (6,374) -
Increase/ (Decrease) in trade and other payables 171,019 (44,961) (213,573)
---------------------------------------------
Net cash generated from operating activities (3,140,175) (312,883) (554,358)

---------------------------------------------
Net cash generated/(used) by operating activities (3,140,175) (312,883) (554,358)
---------------------------------------------
---------------------------------------------

Cash flows from investing activities

Investment income received 661 - 91
Payments for property, plant and equipment - (5,611) -
Expenditure on exploration and evaluation assets (40,072) (44,409) (68,144)
---------------------------------------------

Net cash used in investing activities (39,411) (50,020) (68,053)
---------------------------------------------

Cash flows from financing activities
Proceeds of issued share capital 3,201,752 398,178 843,942
---------------------------------------------

Net cash generated by financing activities 3,201,752 398,178 843,942
---------------------------------------------

Net (Decrease) /increase in cash and cash equivalents 22,166 35,275 221,531
Effect of foreign exchange fluctuations on cash and cash (23,325) - -
equivalents

Cash and cash equivalents at start of period 290,835 69,304 69,304

Cash and cash equivalents at end of period 289,676 104,579 290,835
---------------------------------------------

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.

6 6 13
months months months
ended ended ended
31/3/2011 28/2/2010 30/09/2010
$ $ $
Loss for the year (156,691) (261,548) (340,694)
---------------------------------------------

Weighted average number of shares 31,707,739 14,978,148 22,553,084
---------------------------------------------

Basic & Diluted (loss) per share (0.005) (0.02) (0.02)
---------------------------------------------

5.2 Intangible assets - Exploration and Evaluation Assets
Nevada, Total
America
$ $
Cost
At 1 October 2009 57,810 57,810
Additions 68,144 68,144
----------------------------------------------
At 30 September 2010 125,954 125,954
Additions 40,072 40,072
----------------------------------------------
At 31 March 2011 166,026 166,026
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Provision for diminution in value
At 1 October 2009 - -
Charge for period - -
----------------------------------------------
At 30 September 2010 - -
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Charge for period - -
----------------------------------------------
At 31 March 2011 - -
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Net book value
At 31 March 2011 166,026 166,026
----------------------------------------------
At 30 September 2010 125,954 125,954

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 13
6 months 6 months months
ended ended ended
31/3/2011 28/2/2010 30/09/2010
Authorised $ $ $

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20,000,000,000 ordinary shares of ?0.0001 each 2,854,400 2,854,400 2,854,400
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Ordinary Shares Number of Share Capital Share
Shares Premium
$ $
Balance at 1 September 2009 7 - -
------------------------------------------------
Subdivision of existing shares 693
Issued for cash 31,674,807 4,323 960,215
Share issue costs - - (120,596)
------------------------------------------------
Balance at 30 September 2010 31,675,507 4,323 839,619
------------------------------------------------
Issued for cash 5,831,830 832 3,338,303

Issued for non cash consideration 34,445 3 19,554
Share issue costs - - (156,939)
------------------------------------------------
Balance at 31 March 2011 37,541,782 5,158 4,040,536
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Details of the ordinary shares issued during the period are given in the table below:

Date Description Price No. of
shares
30 March 2011 Issued for cash consideration Stg GBP0.36 5,831,830
30 March 2011 Issued in lieu of placing commission Stg GBP0.36 34,445

5.4 Post Balance Sheet Events

On 3 April 2011, 1,000,000 Ordinary Shares of ?0.0001 each, in the Company held by a former director Mr. Nial Ring have been gifted back to the Company at nil consideration. This is part of a share allocation adjustment following an over generous allocation of shares to him prior to the Company's flotation. The 1,000,000 Ordinary Shares are held as treasury shares.

On 28 March 2011, the Company signed a Heads of Term agreement to put in place a secured convertible loan note facility of up to $5.1m. The combined funding potentially available to the Company via the placing and the convertible loan note facility will be up to $8.5m, which is intended to fully finance the Company's drilling programme.

--- ENDS ---

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

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
ian.callaway@svssecurities.com

Notes to Editors

U.S. Oil and Gas plc is a PLUS-listed (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 into marketable opportunities for 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.

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

U.S. OIL AND GAS PLC

U.S. OIL AND GAS PLC

(END) Dow Jones Newswires

June 30, 2011 09:46 ET (13:46 GMT)