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U.S. Oil & Gas plc’s (Ticker: USOP) core activities are in the USA, with exploration activity in Nevada where the company holds a lease acreage of 88 sq km.  The Company is fully funded to drill at least one further well.  
U.S. Oil & Gas is traded on the GXG (MTF) Exchange.

Eblana #1 well
The Eblana #1 exploration  well,  drilled by U.S. Oil's wholly owned subsidiary Major Oil International LLC, identified  nine  large  potential porous oil reservoir intervals and  associated  high fracture  zones before reaching its target depth of 8,550 feet on 26th May 2012.  Testing confirmed two producer zones, approximately 150 feet cumulative net pay, and identified oil of 33 and 28.5 API.   This was the first discovery of light, sweet crude in Nevada in approximately 30 years.  

Competent Person's Report
On May 23, 20013, the Company announced the findings of an independent Competent Person's Report prepared by Forrest Garb & Associates.  Total Prospective Recoverable oil for full acreage (P50) = 57.2 million barrels.  Contingent Recoverable oil for immediate area of Eblana #1 (P50) = 19.256 million barrels.

Results can be summarised as follows:

Hot Creek Valley, Tertiary Volcanics, Estimated Net Recoverable Resources (units = MBbl= 'thousands of barrels')

                                                            Low             Best                High
Resource Category                               Estimate      Estimate        Estimate
                                                           (P90)            (P50)              (P10)
Eblana #1 Area                                                                           
Contingent Recoverable Oil                  8,636            19,256           33,513
Oil-In-Place                                       45,301          107,344         165,286

20 sq KM Core Area                                                                                        
Prospective Recoverable Oil               11,873           20,189           45,049
Oil-In-Place                                       61,120         132,060          222,919

Total Prospective 88  sq KM                                                                           
Prospective Recoverable                    20,138          57,200            683,646
Oil-In-Place                                    102,342         282,818        3,342,163

In addition, on a 50% probability ('P50') for the Paleozoic Dolomites, FGA estimate the net recoverable prospective resources at 22 million barrels ('MMBbl').

Net Present Value is estimated at $588 million based on a 50 well project with 15 year cash flows discounted at 10%.

Note:  Probabilistic aggregation of prospective resources in multiple areas, not arithmetic summation.
Note:  Net figures reflect adjustment downwards for 12.5% government royalty.

The objective of the latest CPR was to update the resource categorization, hydrocarbon volume estimates and financial model, and to make recommendations for future exploration of the Hot Creek Valley concession incorporating the results from Eblana #1. 

23-05-2013 Forrest Garb & Associates CPR covering letter

23-05-2013 Forrest Garb Associates Competent Person's Report.pdf