US Oil & Gas (USOPY)

[Sionica]

U.S. Oil & Gas plc - Announcement
London, December 16
GXG Market suspension

On the afternoon of 15 December 2014, GXG Markets communicated to the Company its decision to suspend the trading of the Company's securities with effect December 16, 2014, pursuant to Rule 24.1.d.

Rule 24.1.d states that GXG may suspend the trading of Securities where the protection of investors so requires.

The Company responded to GXG by addressing as many concerns as possible within the minimal time allowed and requested 24 hours to respond fully to the issues raised.

In response to the GXG action, the Company makes the following points:

1. It appears that allegations from a group of shareholders about the veracity of the Company's statements formed the basis of the GXG decision. The Company vigorously denies the allegations and stands by its statements.

2. In the same letter that informing the Company of the suspension, GXG requests that clarification be sent to them by January 5th 2014 (sic). Presumably 2015 was intended, but contradicting GXG's own stated position, a regulatory decision was taken without waiting for the Company's response.

3. The Company deplores the actions of the shareholders concerned in these repeated attempts to destabilise the Company by vexatious complaints to regulators and deeply regrets the potential damage done to the interests of the Company at this crucially important time in US Oil's programme.

4. The Company will do everything in its power to reassure GXG Markets and potential industry partners with whom it is currently in discussions regarding the wholly unfounded and unjust nature of the allegations made.

The full text of the GXG letter is may be downloaded from the Company website at http://www.usoil.us/?q=node/172

The Company's request to the GXG markets, asking for 24 hours to address the concerns raised can also be downloaded at http://www.usoil.us/?q=node/172


Extraordinary General Meeting (EGM)

As soon as the relevant processes and procedures allow, the Board of US Oil and Gas will call an EGM of the Company at which it will present a proposed programme of action for the consideration of shareholders.