Exhibit 99.1

United States Oil and Gas Corp Reports Financial Results for Quarter

AUSTIN, TX, August 16, 2011 -- United States Oil and Gas Corp (OTCQB: USOG) announced the filing of its Quarterly Report on Form 10-Q and its financial results for the three and six months ended June 30, 2011. The following are highlights from the report.

The Company reported revenue of $8.7 million, a 45% increase compared to $6.0 million in restated sales for the second quarter of 2010. Net loss for the quarter was $665,000 compared to a $16,000 gain during the same period in 2010.

The Company considers a number of liquidity and working capital performance ratios in evaluating its financial condition. The following table includes certain ratios, working capital information, and summarized cash flows for use in understanding current liquidity and recent trends in this area:

Liquidity and Working Capital Performance Measures	June 30, 2011			December 31, 2010
Ratio of current assets to current liabilities		0.87			0.65
Ratio of total assets to total liabilities		1.01			0.91
Working capital (current assets minus current liabilities)	$	(458,000	)	$	(1,286,000	)
Net cash provided by (used in) the six months ended:	June 30, 2011			June 30, 2010
Operating activities	$	(319,000	)	$	8,000
Investing activities		(42,000	)		(14,000	)
Financing activities		399,000			130,000
Earnings before taxes, interest, depreciation/amortization gain/loss on convertible debt (Modified EBITDA)	$	(128,000	)	$	(291,000	)

Balance sheet ratios and working capital improved during the three months ended June 30, 2011 as overall debt was reduced.

The Company used a modified EBITDA number as a key performance measure. Modified EBITDA is net income adjusted by removing tax expense, interest expense, depreciation and amortization expense, amortization of discount on convertible debt, and gain and loss on the conversion of debt. The Company feels that this provides an accurate and useful measure of performance because it eliminates non-cash expenses that are largely unrelated to operations. The following presents a reconciliation of modified EBITDA to Net Income:

	Three months ended June 30,
	2011			2010
Modified EBITDA	$	(28,000	)	$	155,000
Income Tax Expense		-			(103,000	)
Net Interest (Income)/Expense		(21,000	)		11,000
Depreciation Expense		(48,000	)		(54,000	)
Amortization Expense		(20,000	)		(20,000	)
Amortization of discount on convertible debt		(84,000	)		(15,000	)
Loss on Conversion of Debt		(464,000	)		42,000
Net Income:	$	(665,000	)	$	16,000

The modified EBITDA balance for the three months ended June 30, 2011 was a loss of $28,000 compared to a gain of 155,000 for the same period in 2010. The difference is primarily a result of increased operating expenses at Turnbull in the amount of $98,000 over the previous year and the operating loss at United of $98,000, compared to income of $1,000 for the same period in 2010. The loss at United is the result of heavy rain and flooding in North Dakota that had a significant negative impact on fuel sales for the quarter.

As noted above, this Quarterly Report for the three month period ended June 30, 2011 on Form 10-Q included for the first time, restated figures for the period ended June 30, 2010. The Notes to those financial statements detail all the adjustments. In sum, Total Assets and Liabilities and Stockholders’ Deficit were reduced by $392,000 to $6.8 million. Net income increased by $10,000 to $16,000.

One source of the restatements was the application of the purchase price for the acquisition of United. Significant adjustments from this were the $357,809 reclassification of purchase price from fixed assets to goodwill. The second source of restatement was the reclassification of $99,013 of Additional Paid In Capital primarily to Preferred Convertible Shares. Finally, there was a significant restatement of expense due the proper GAAP accounting for several Derivative Instruments the Company has on its balance sheet. These are Convertible Notes Payable that have a variable conversion feature that is dependent on the price of the stock at the time of conversion. This primarily resulted in a derivative liability of $845,921, a loss on the valuation of the derivative at period end of $37,418, discounts to notes payable of $232,801, and amortization expense of $67,366. All of these adjustments were made to the financial statements for the three months ended March 31, 2010 and were presented in the Form 10Q for the period ended March 31, 2011. However, there are some additional adjustments related to the derivative liability for the three and six months ended June 30, 2010.

About USOG

United States Oil and Gas Corp (OTCQB: USOG) is an oil and gas products, services and technology company headquartered in Austin, Texas. Through our subsidiaries, we market and distribute refined oil and gas (diesel, gasoline, propane, high octane racing fuels and lubricants) to wholesale and retail customers in the United States. We own all of the plant storage, transportation and maintenance equipment used at our locations in Plainville, Utica, and Palco, Kansas. We own and operate a gas station and convenience store in Belcourt, and hold approximately six acres of developable land in Bottineau, North Dakota. We are focused on acquiring and growing domestic mid size family-run oil and gas services businesses with historically profitable results, strong balance sheets, high profit margins, and solid management teams in place. The company reported 2010 revenue of $24.7 million up from $9.4 million in 2009.

The Company has tried to identify any forward-looking statements contained in this press release using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company’s current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company’s actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or provide advice in the event of any change, addition or alteration to the information catered in this press release including such forward-looking statements. Refer to “Item 1A – Risk Factors” in our Form 10-K for the year ended December 31, 2010 filed with the Securities and Exchange Commission for a discussion regarding our exposure to risks. Additionally, new risk factors emerge from time to time and it is not possible for us to predict all such factors, nor to assess the impact such factors might have on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

Contact:

James Crimi

Investor Relations

+1-512-464-1226

investor.relations@usaoilandgas.com

United States Oil & Gas Corp 8-K