U.S. Oil and Gas PLC is seeking acquisitions and intends to identify and acquire oil and gas assets in the early phase of the upstream life-cycle.

U.S. Oil and Gas PLC reported consolidated unaudited earnings results for the six months ended March 31, 2012. For the period, the company reported loss before tax of $558,473 against $156,961 a year ago. Loss and total comprehensive loss for the period was $558,473 or 1.39 cents per basic and diluted share against $156,961 or 0.50 cents per basic and diluted share a year ago. Net cash used in operating activities was $784,594. Payments for exploration and evaluation assets were $182,221 against $40,072 a year ago.

U.S. Oil and Gas PLC is saddened to report the recent death of James Guiry, the company's co-founder and past Chairman and director. Despite his serious health issues, until his resignation as a director in October 2011, Mr. Guiry devoted enormous commitment to the progress of the company.

U.S. Oil and Gas PLC appointed Mr. Andrew Harwood, Peter Whelan and Karim Akrawi to the board. Mr. Andrew Harwood, ACII – Finance, an investment fund manager and financial planner since 1989. Mr. Harwood is currently a Fund Manager of an OEIC (MFM CFS Balanced Opportunities Fund) and Managing Director of CFS Independent Ltd. Mr. Howard will be working together with the CEO Brian McDonnell on all financial matters. Peter Whelan is working in law enforcement, compliance and management since 1982. Formerly Director of the Service Contracts Division of the FSAI, Mr. Whelan has had responsibility for developing, managing, reviewing and renegotiation of service contracts across the public service. Mr. Whelan is currently Chairman of the Sea Fisheries Protection Authority. Working closely with the Office of the Attorney General, the Director of Public Prosecutions and the Gardaí, Mr. Whelan advises Government Ministers on policy and enforcement and has overall responsibility for corporate governance issues and is directly accountable to a parliamentary committee on budget expenditure and organisational performance. Mr. Whelan will head up the Audit and Remuneration Committees. Mr. Karim Akrawi has been appointed to the board of USOIL. Mr. Akrawi is currently General Director for Geodynamics Worldwide. The company also announced that Mr. Brian McDonnell, presently Chief Executive Officer of the company has also accepted appointment as Executive Chairman of the company.