U.S. Oil & Gas plc - Interim Results

29 May 2015

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 2015
					Six Months		Six Months		Year
					Ended		Ended		Ended
			Notes		31-Mar-15		31-Mar-14		30-Sep-14
					$		$		$
Continuing Operations
Revenue
Other Income					255		196		434
Administrative Expenses					(318,633)		(224,579)		(492,025)
(Loss) before tax					(318,378)		(224,382)		(491,591)
Income tax expense					-		-		-
Loss for the period and total comprehensive loss for the period					(318,378)		(224,382)		(491,591)
Earnings per share (all continuing)
Basic and diluted loss per share (cent)			1.1		(0.76)		(0.54)		(1.13)
Consolidated statement of changes in equity
		Ordinary Share Capital		Share Premium		Share based payments		Retained losses		Total
		$		$		$		$		$
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 2014		5,670		9,742,553		168,305		(4,434,913)		5,481,615
Balance at 30 September 2014		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 position
		31-Mar-15	31-Mar-13	30-Sep-14
	Note	$	$	$
Non Current Assets	1.2	5,180,296	4,714,912	5,173,729
Current assets
Debtors		52,869	87,418	74,861
Cash and cash equivalents		271,521	2,043,803	519,240
Total assets		5,504,686	6,846,133	5,767,830
Equity and liabilities
Equity
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		(4,753,290)	(2,947,887)	(4,434,913)
Equity attributable to the owners of the Company		5,163,238	6,800,336	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		5,504,686	6,846,133	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	(318,632)	(224,579)	(492,025)
Movements in working Capital
Decrease/(increase) in trade and other receivables	21,992	145,858	112,555
(Decrease)/Increase in trade and other payables	55,233	(89,250)	(3,858)
Cash used in operations	(241,407)	(167,971)	(383,328)
Interest Paid	-	-	-
Net cash (used) in operating activities	(241,407)	(167,971)	(383,328)
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 equivalents	(247,720)	(171,236)	(466,745)
Cash and cash equivalents at the beginning of period	519,240	985,985	985,985
Cash and cash equivalents at end of period	271,520	814,749	519,240

1	Notes to the Interim Financial statements
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, America	Total
			$	$
	Cost
	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

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 [phone]

Alexander David Securities Ltd - Corporate Finance Adviser
David Scott [phone]
James Dewhurst [phone]
Email:[e-mail]

GXG Markets
Peter Almberg/Alex Benger [phone]
[e-mail]

ADR Broker Desk, Deutsche Bank
United Kingdom

Simon Davies and Richard Willis
Tel: [phone]
Fax: [phone]
E-mail:[e-mail]

USA
Jay Berman
Tel:[phone]
Fax:[phone]
E-mail:[e-mail]

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

Ends