U.S. Energy Corp. , today announced the pricing of an underwritten public offering of 1,000,000 shares of its common stock at a price of $3.00 per share, for gross proceeds to the Company of $3,000,000, before deducting underwriting discounts and other offering expenses. The Company intends to use the net proceeds from this offering for general corporate purposes, capital expenditures, working capital, and potential [...]
Oil and gas direct investments leader acquires interest in Poker Lake Project in New Mexico U.S. Energy Development Corporation , an exploration & production firm which designs and manages direct investments in energy, announces it has acquired a working interest position in Poker Lake, a nine well horizontal development project in Eddy County, New Mexico. The $16 million project further expands U.S. Energy's investments [...]
U.S. Energy Corp. today announced that the Company has entered into a Purchase and Sale Agreement to acquire operated producing assets located in Liberty County, Texas in an all-stock transaction. Acquisition Highlights Proved Developed Reserves estimated at approximately 242,300 barrels of oil. PV-10 estimated at $1.2 million at current strip pricing. 680 net acres in Liberty County, Texas all held by production [...]
U.S. Energy Corp. , today announced that it has entered into definitive agreements with institutional and accredited investors for the purchase and sale of 315,810 shares of the Company’s common stock, at a purchase price of $5.25 per share, in a registered direct offering priced above the market under Nasdaq rules. The closing of the offering is expected to occur on or about October 2, 2020, subject to the satisfaction [...]
U.S. Energy Corp. today announced that the Company has entered into an Asset Purchase Agreement and closed a transaction to acquire operated and non-operated producing assets primarily located in Lea County, New Mexico and Converse County, Wyoming. The acquired Properties consist of select upstream assets of FieldPoint Petroleum Corporation and were acquired pursuant to Fieldpoint’s Chapter 7 bankruptcy process [...]
Oil and gas direct investments leader acquires interest in Texas-based Columbia Project Operated by Shell Oil Company U.S. Energy Development Corporation , an exploration & production firm which provides direct investments in energy, announces the firm has acquired an interest in a horizontal well development project in Loving County which is located in West Texas. The firm's $8.5 million interest in the Columbia Project [...]
U.S. Energy Corp. announced financial and operating results for the second quarter ended June 30, 2020. Management Comments “Despite the continuation of the challenging commodity price backdrop and unprecedented shut-in activity taking place across large portions of the upstream industry, U.S. Energy is uniquely well positioned to take advantage of the turmoil in the commodity markets,” said Ryan Smith, U.S. Energy’s [...]
U.S. Energy Corp. today announced financial and operating results for the first quarter ended March 31, 2020. First Quarter Highlights Successfully closed oil weighted, cash flow accretive acquisition of New Horizon Resources in North Dakota; Production of 27,204 barrels of oil equivalent , or daily production of 297 barrels of oil equivalent per day ; Oil and gas revenues of $0.9 million; Lease operating expenses of $0.4 [...]
U.S. Energy Corp. today announced financial and operating results for the year ended December 31, 2019. Full Year 2019 Highlights Production of 145,010 barrels of oil equivalent , or daily production of 397 barrels of oil equivalent per day ; Oil and gas revenues of $6.6 million; Lease operating expenses of $1.8 million, or $12.74 per BOE; Production taxes of $0.4 million; Adjusted EBITDA of $0.1 million; and Free cash [...]
U.S. Energy Corp. today announced that the Company has entered into a Membership Interest Purchase Agreement and closed a transaction to acquire New Horizon Resources, LLC , whose assets include acreage and operated producing properties in North Dakota . The consideration paid at closing consisted of 59,498 shares of common stock of the Company and $150,000 in cash . The effective date of the Acquisition is March 1, 2020 [...]
U.S. Energy Corp. today announced preliminary 2019 full year and fourth quarter operating results and its 2019 year end proved reserves. “Throughout the fourth quarter and entire 2019, we have continued to see increased production results across our legacy asset base in North Dakota and South Texas,” said Ryan Smith, U.S. Energy’s Chief Executive Officer. “As we enter 2020, U.S. Energy will not [...]
U.S. Energy Corp. today announced that on January 21, 2020, the Company received a notification letter from The Nasdaq Stock Market LLC indicating that Nasdaq has determined that the Company has regained compliance with the minimum bid price rule and that the Company is in compliance with all applicable listing standards. Therefore, the hearing scheduled for February 6, 2020 before the Nasdaq Hearings Panel has been [...]
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