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U.S OIL And GAS Plc (USOP)

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Wednesday 29 February, 2012

U.S OIL And GAS Plc

Preliminary Results for Year Ended 30th Septemb...



29 February 2012

                                                U.S. Oil and Gas plc

                                                   (the "Company")

                      Preliminary Statement of Final Results for the year to 30 September 2011

U.S.  Oil  and  Gas  plc (PLUS: USOP), the oil and gas exploration company with exploration assets  in  Nye  County,
Nevada, announces its preliminary statement of the Company's final results for the year to 30 September 2011.

                                               Statement by the Board

In  February  2012,  a  Competent  Person's  Report commissioned by US Oil's  wholly  owned  subsidiary,  Major  Oil
International  LLC and prepared by Forrest A. Garb & Associates  has confirmed a prospective resources  estimate  in
accordance with SPE-PMRS Gross estimates (P50 Recovery) for recoverable oil at 67 MMSTB for the original lease areas
held  by  the company since 2009 in Hot Creek Valley, Nevada. Since then the company has acquired additional acreage
bringing the total holding to 15,738 acres which is approx. 64 sq. km.   The company believes the acquisition of the
additional  acreage could add significantly to the resource estimates based on the data/information we have  already
generated  which  extends  into  part  of the newly leased area. We believe  the  new  acreage  will  yield  further
exploration and drilling potential as part of the phase II development programme.

On  August 23rd last the company's shares on the PLUS Market were suspended for suspected "Disorderly Trading". This
is a necessary protection for all shareholders and we understand and support the Plus regulators work in relation to
the  US  Oil  suspension. The party or parties under investigation are not known to US Oil as  this  is  information
confidential to the investigators. We continue to be available to assist should our help be required.

Following the AGM on October 25th last a number of board changes were made. We are delighted to welcome Mr.  Whelan,
Mr. Harwood and Mr. Akrawi to the board. We acknowledge the contribution of the outgoing directors.

In  February  2012, the company announced that Nabors Drilling Inc will undertake the first two wells of  a  planned
multi  well  drilling  campaign.  As  all off site preparations are now complete and  the  necessary  administrative
procedures  are  in the final stages, earthworks, drill pad and site preparation are anticipated to commence  within
the  next  few  weeks.  Mobilization  and  commencement for the Eblana # 1 drilling  programme  will  start  shortly
thereafter.

To  finance the drilling programme, in the year ended 30th September 2011, the company raised approx. STG 4.6M which
will be used for working capital and for the initial preparation of the Master Development Plan.

Finally, the board would like to extend our deepest condolences to our former Chairman, Mr. Jimmy Guiry who died  on
January  6th  last.   Jimmy's  contribution to the founding of company has  been  seminal.  We  extend  our  deepest
condolences to his family.

Brian McDonnell, Chief Executive Officer

Consolidated Statement of Comprehensive Income
for the year ended 30 September 2011
                                                                    Note          Unaudited                  Audited
                                                                                       2011                     2010
                                                                                          $                        $
Continuing Operations                                                                      

Administrative expenses                                                            (177,089)                (340,785)

Finance Income                                                                        2,395                       91
                                                                                 ------------------------------------                                
Loss for the year before taxation                                                  (174,694)                (340,694)

Income tax expense                                                                        -                        -
                                                                                 ------------------------------------                               
Loss for the year from continuing operations                                       (174,694)                (340,694)

Other Comprehensive Income                                                                -                        -

                                                                                 ------------------------------------
Total Comprehensive Income for the year                                            (174,694)                (340,694)

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

Loss attributable to:                                                                                             
   Owners of the Company                                                           (174,694)                (340,694)
                                                                                 ------------------------------------                              
Total Comprehensive Income attributable to:                                                                      
   Owners of the Company                                                           (174,694)                (340,694)
                                                                                 ------------------------------------                               

Earnings per share from continuing operations
Basic and diluted loss per share                                      3           0.005cent                0.015cent
                                                                                  ---------                ---------
                                                                                  ---------                ---------

Consolidated Statement of Financial Position                                               
as at 30 September 2011                                                           Unaudited                  Audited
                                                                                       2011                     2010
                                                                                          $                        $
Assets                                                                                     

Non-Current Assets                                                                         
Property, plant and equipment                                                        11,663                        -
Intangible Assets                                                                   677,418                  125,954
                                                                                 ------------------------------------

Total Non-Current Assets                                                            689,081                  125,954

Current Assets                                                                                                   
Trade and other receivables                                                          65,148                        -
Cash and cash equivalents                                                         6,243,220                  290,835
                                                                                 ------------------------------------                                  
Total Current Assets                                                              6,308,368                  290,835

Total Assets                                                                      6,997,449                  416,789
                                                                                  ------------------------------------
                                                                                  ------------------------------------                               
Equity and Liabilities                                                                                           

Capital and Reserves                                                                                             
Called up share capital                                                               5,635                    4,323
Share premium account                                                             7,355,177                  839,619
Retained Loss                                                                      (676,222)                (501,528)
                                                                                  ------------------------------------                               

Equity Attributable to owners of the Company                                      6,684,590                  342,414

Liabilities                                                                                                      
Current Liabilities                                                                                              
Trade and other payables                                                            281,968                   74,375

Current Tax Liabilities                                                              30,891                        -
                                                                                  ------------------------------------Total Current Liabilities                                                           312,859                   74,375

Total Equity and Liabilities                                                      6,997,449                  416,789
                                                                                  ------------------------------------                                                                                  ------------------------------------

Consolidated Statement of  Cash Flows                                                      
for the year ended 30 September 2011                                                       
                                                                                  Unaudited                  Audited
                                                                                       2011                     2010
                                                                                          $                        $

Cash flows from operating activities                                                       

Loss for the year before taxation                                                  (177,089)                (340,785)

Movement in working capital                                                                                      
Movement in debtors                                                                 (65,148)                       -
Movement in trade and other payables                                                238,484                 (213,573)
                                                                                  ------------------------------------                               
Net cash used by operating activities                                                (3,753)                (554,358)
                                                                                  ------------------------------------                               

Cash flows from financing activities                                                       
Proceeds of issue of share capital                                                6,516,870                  843,942
                                                                                  ------------------------------------         
Net cash generated by financing activities                                        6,516,870                  843,942
                                                                                  ------------------------------------         
Cash flows from investing activities                                                       
Interest received                                                                     2,395                       91
Expenditure on tangible assets                                                      (11,663)                       -
Expenditure on intangible assets                                                   (551,464)                 (68,144)
                                                                                  ------------------------------------         
Net cash used in investing activities                                              (560,732)                 (68,053)

Net Increase in cash and cash equivalents                                         5,952,385                  221,531
Cash and Cash Equivalents at the beginning of year                                  290,835                   69,304
                                                                                  ------------------------------------         

Cash and Cash Equivalents at end of year                                          6,243,220                  290,835
                                                                                  ------------------------------------                                                                                  ------------------------------------

Consolidated Statement of Changes in Equity                                                           
for the year ended 30 September 2011                                                                  
                                                                                Foreign                          
                                                        Share        Share     Exchange     Retained             
                                                      Capital      Premium      Reserve     Earnings        Total
                                                            $            $            $            $            $

Balance at 1 October 2009                                   -            -            -    (160,834)    (160,834)
Loss for the year                                           -            -            -    (340,694)    (340,694)
Proceeds of share issue                                 4,323      839,619            -            -      843,942
                                                     -------------------------------------------------------------                                                            
Balance at 1 October 2010                               4,323      839,619            -    (501,528)    (342,414)
Loss for the year                                           -            -            -    (174,694)    (174,694)
Proceeds of share issue                                 1,312    6,515,558            -            -    6,516,870
                                                     -------------------------------------------------------------                                                            
Balance at 30 September 2011                            5,635    7,355,177            -    (676,222)    6,684,590

Notes to the financial statements:

1. Statement of Accounting Policies for the year ended 30 September 2011

U.S.  Oil  and Gas Public Limited Company ("the Company") is a company incorporated in Ireland. The Group financial statements consolidate those of the Company and its subsidiary (together referred to as the "Group").
The Company's shares are listed on the Plus Stock Exchange in London. The shares are currently suspended.

The  accounting policies set out below have been applied consistently to all periods presented in these consolidated
financial statements.

Statement of Compliance
As  permitted  by  the  European  Union,  the Group financial statements  have  been  prepared  in  accordance  with
International  Financial  Reporting  Standards  ("IFRSs") and their  interpretations  issued  by  the  International
Accounting  Standards Board (IASB) as adopted by the EU (IFRS). The individual financial statements of  the  Company
("Company  financial  statements") have been prepared in accordance with the Companies  Acts,  1963  to  2009  which
permits  a  company, that publishes its company and group financial statements together, to take  advantage  of  the
exemption  in Section 148(8) of the Companies Act 1963, from presenting to its members its company income  statement
and related notes that form part of the approved company financial statements.

The IFRSs adopted by the EU as applied by the Company and the Group in the preparation of these financial statements
are those that were effective at 30 September 2011.

Future changes in accounting policies

Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted
early by the Group

Standard / Interpretation         Content                               Applicable for years beginning on/after
IAS 1                Presentation of Financial Statements *                          1 January 2011
IAS 12               Income Taxes-Limited scope amendment (recovery of underlying
                     assets) (December 2010)                                         1 January 2012
IAS 24               Related party disclosures                                       1 January 2011
IAS 27               Consolidated and separate financial statements*                 1 January 2013
IAS 28               Investments in Associates                                       1 January 2013
IAS 34               Interim Financial Reporting*                                    1 January 2011
IFRS 7               Financial Instruments: Disclosures*                             1 January 2011
IFRS 7               Financial Instruments: Disclosures- Amendments enhancing        1 January 2011
                     Disclosures about transfers of financial assets (October 2010)  1 July 2011
IFRS 9               Financial instruments: Classification and measurement           1 January 2013
IFRS 10              Consolidated Financial Statements**                             1 January 2013
IFRS 11              Joint Arrangements**                                            1 January 2013
IFRS 12              Disclosure of Interest in Other Entities**                      1 January 2013
IFRS 13              Fair Value Measurement**                                        1 January 2013

*Amendments resulting from May 2010 Annual Improvements to IFRSs
** Original issue May 2011

The above amendments are not expected to be relevant to the Group.

Basis of Preparation
The  Group and Company financial statements are prepared on the historical cost basis. The accounting policies  have
been applied consistently by Group entities.

Functional and Presentation Currency
The consolidated financial statements are presented in US Dollars ($), which is the Company's functional currency

Use of Estimates and Judgements
The preparation of financial statements in conformity with EU IFRS requires management to make judgements, estimates
and  assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,
income  and expenses. The estimates and associated assumptions are based on historical experience and various  other
factors  that are believed to be reasonable under the circumstances, the results of which form the basis  of  making
judgements about carrying values of assets and liabilities that are not readily apparent from other sources.

In  particular, significant areas of estimation uncertainty and critical judgements in applying accounting  policies
that have the most significant effect on the amount recognised in the financial statements are in relation to:
- Measurement of the recoverable amounts of intangible assets
- Utilisation of tax losses

Revenue Recognition - Interest revenue
Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective interest
rate  applicable, which is the rate that exactly discounts estimated future cash receipts through the expected  life
of the financial asset to that asset's net carrying amount.

Consolidation
The  consolidated financial statements comprise the financial statements of U.S. Oil and Gas Public Limited  Company
and its subsidiary undertaking for the year ended 30 September 2011.

Subsidiaries  are  entities  controlled by the Group.  Control exists when the Group  has  the  power,  directly  or
indirectly,  to  govern  the  financial and operating policies of an entity  so  as  to  obtain  benefits  from  its
activities.  In assessing control, potential voting rights that are currently exercisable or convertible  are  taken
into  account. Subsidiaries are fully consolidated from the date that control commences until the date that  control
ceases.  Accounting  policies  of  subsidiaries have been changed where necessary to  ensure  consistency  with  the
policies adopted by the Group.

Intragroup  balances  and any unrealised gains or losses or income or expenses arising from intragroup  transactions
are eliminated in preparing the Group financial statements.

In the company's own balance sheet, investments in subsidiaries are stated at cost less provisions for any permanent
diminution in value.

Exploration & Evaluation Assets
The  Group  adopts  the successful efforts method of accounting for exploration and evaluation  costs.  All  licence
acquisition,  exploration  and  evaluation  costs are initially capitalised  in  cost  centres  by  well,  field  or
exploration  area, as appropriate. Directly attributable administration costs and interest payable  are  capitalised
insofar  as  they relate to specific development activities. Pre-license costs are expensed in the period  in  which
they are occurred. Exploration and evaluation assets are not amortised but are assessed for impairment in accordance
with the Group's Depletion, Amortisation and Impairment Policy.

Depletion, amortisation and impairment

Impairment  reviews  on  exploration  and evaluation assets and production assets  are  carried  out  on  each  cash
generating unit identified in accordance with IAS 36 'Impairment of Assets'. The Group's cash-generating  units  are
those  assets  which  generate largely independent cash flows and are normally, but not always,  single  development
areas or fields.

Exploration and evaluation assets are assessed for impairment in certain circumstances including:

- the period for which the Group has the right to explore in a specific area has expired or will expire in the near
future and is not expected to be renewed;

- substantive  expenditure on further exploration for and evaluation of resources in a  specific  area  is  neither
budgeted nor planned;

- the  Group  has  decided to discontinue exploration and evaluation activities in a specific area as  commercially
viable quantities of oil or gas have not been discovered; and

- the  carrying  amount of an exploration and evaluation asset is unlikely to be recovered in full from  successful
development or sale.

Any such impairment is recognised in the Statement of Comprehensive Income.

Where  there  has been a charge for impairment in an earlier period that charge will be reversed in a  later  period
where  there has been a change in circumstances to the extent that the discounted future net cash flows  are  higher
than  the  net  book  value at the time. In reversing impairment losses, the carrying amount of the  asset  will  be
increased to the lower of it's original carrying value or the carrying value that would have been determined (net of
depletion) had no impairment loss been recognised in prior periods.

Research and development
Research expenditure is written off to the Statement of Comprehensive Income in the year in which it is incurred.

Taxation
Income  tax  expense  comprises current and deferred tax. Income tax expense is recognised in the  income  statement
except  to  the  extent that it relates to items recognised directly in equity, in which case it  is  recognised  in
equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively
enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred  tax is recognised using the balance sheet method, providing for temporary differences between the carrying
amounts  of  assets  and  liabilities for financial reporting purposes and the amounts used for  taxation  purposes.
Deferred  tax  is not recognised for the following temporary differences: the initial recognition of  goodwill,  the
initial  recognition of assets or liabilities in a transaction that is not a business combination and  that  affects
neither  accounting nor taxable profit, and differences relating to investments in subsidiaries to the  extent  that
they  probably  will  not  reverse in the foreseeable future. Deferred tax is measured at the  tax  rates  that  are
expected  to be applied to the temporary differences when they reverse, based on the laws that have been enacted  or
substantively enacted by the reporting date.

A  deferred tax asset is recognised to the extent that it is probable that future taxable profits will be  available
against which temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and  are
reduced to the extent that it is no longer probable that the related tax benefit will be realised.

Foreign Currencies

Monetary  assets  and liabilities denominated in a foreign currency are translated into US Dollars at  the  exchange
rate  ruling  at  the  balance sheet date, unless specifically covered by foreign exchange contracts  whereupon  the
contract  rate is used. Revenues, costs and non monetary assets are translated at the exchange rates ruling  at  the
dates of the transactions. All exchange differences are dealt with through the Statement of Comprehensive Income.

On  consolidation, the assets and liabilities of overseas subsidiary companies are translated into US Dollars at the
rates  of  exchange prevailing at the balance sheet date. Exchange differences arising from the restatement  of  the
opening  balance  sheets  of these subsidiary companies are dealt with through reserves. The  operating  results  of
overseas subsidiary companies are translated into US Dollars at the average rates applicable during the year.

Issue Expenses and Share Premium Account
Issue expenses are written off against the premium arising on the issue of share capital.

Earnings per share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares.  Basic EPS is calculated
by  dividing profit or loss attributable to ordinary shareholders of the Company by the weighted average  number  of
ordinary  shares  outstanding  during  the  period.  Diluted EPS is determined  by  adjusting  the  profit  or  loss
attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects
of all dilutive potential ordinary shares.

Financial Instruments
Cash and Cash Equivalents
Cash  and  Cash Equivalents in the balance sheet comprise cash at bank and in hand and short term deposits  with  an
original maturity of three months or less. Bank overdrafts that are repayable on demand and form part of the Group's
cash  management  are  included as a component of cash and cash equivalents for the  purpose  of  the  statement  of
cashflows.

Trade and other receivables / payables
Trade and other receivables and payables are stated at cost less impairment, which approximates fair value given the
short dated nature of these assets and liabilities.

Share capital
Incremental costs directly attributable to the issue of ordinary shares are recognised directly in equity.

2. Loss per share

Basic loss per share

The weighted average number of ordinary shares used in the calculation of basic loss per share is as follows:

                                                                                      2011                       2010
                                                                                         $                          $

        Loss for the year attributable to equity
        holders of the parent                                                      174,694                    340,694
                                                                                 ---------                  ---------
                                                                                 ---------                  ---------

        Weighted average number of ordinary shares
           for the purposes of basic earnings per share:
                                                                                35,102,712                 22,553,084
                                                                                ----------                 ----------                                                                                ----------                 ----------

        Basic loss per ordinary share:                                              0.005c                     0.015c

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

        Diluted loss per share

        Diluted loss per share is the same as basic loss per share as there are no diluting instruments that would
        convert to ordinary shares.

3. The  figures for the year ended 30 September 2011 and 30 September 2010 do not constitute statutory accounts.  The
figures  for  the year ended 30 September 2011 have been extracted from the statutory accounts for that  year  which
have  yet  to  be delivered to the Registrar of Companies and on which the auditor has yet to issue an opinion.  The
figures  for the year ended 30 September 2010 have been extracted from the statutory accounts for that year  and  on
which  the auditor issued an unqualified audit report, modified to include an emphasis of matter in relation to  the
recoverability  of  the  exploration  and evaluation assets. The auditor has indicated  that  their  report  on  the
statutory  accounts for the year ended 30 September 2011 will be modified with regard to an emphasis  of  matter  in
relation to the recoverability of the exploration and evaluation assets.

4. The information contained in this announcement has been agreed with the Company's auditor.

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

                                                     ---ENDS---

For further information contact:

U.S. Oil & Gas plc
Brian McDonnell, Chief Executive Officer +353 (0) 872383419

Lionsgate Communications - Financial Public Relations
Natalia Egorova +44 (0)7500 828771
negorova@lionsgatecomms.com

Notes to Editors

U.S.  Oil & Gas plc is a PLUS-quoted (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. 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.

US  Oil  has  completed extensive surveys of its Hot Creek lease area, generating 18 datasets  using  the  following
survey  methods:  Gravity  and  Magnetic Resonance, Geochemical, 2-D Seismic, Landsat  remote  sensing,  Geophysical
studies,  Conodont Alteration Index (CAI), Pyrolysis (TOC), Vitronite Reflectance-Visual Kerogen (TAI), 2-D  Passive
Seismic (IPDS) and 3-D Passive Seismic.

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

U.S. OIL & GAS PLC

U.S. OIL AND GAS PLC