Welcome to our dedicated page for U.S. Energy news (Ticker: USEG), a resource for investors and traders seeking the latest updates and insights on U.S. Energy stock.
U.S. Energy Corp., founded in 1966 and based in Houston, Texas, is an independent energy company with a core focus on the acquisition, exploration, and development of oil and natural gas properties within the United States. The company holds significant interests in various oil and gas properties, primarily in North Dakota's Williston Basin and South Texas.
The company's business operations revolve around developing and producing oil and natural gas, generating revenue from its interests in these valuable resources. U.S. Energy Corp. is committed to sustainable development and responsible resource management, ensuring minimal environmental impact while maximizing output and profitability.
Recently, as of September 30, 2023, the company reported a debt of $12.0 million on its revolving credit facility, with an availability of $8.0 million and a cash balance of approximately $2.0 million. Moving forward, by March 31, 2024, U.S. Energy Corp. successfully managed to reduce the outstanding debt to $5.0 million, improving its financial health and operational flexibility.
The company's strategic approach involves forging partnerships and leveraging industry expertise to optimize the discovery and production processes. These collaborations support U.S. Energy Corp.'s ongoing projects and contribute to its recognition as a reliable entity in the energy sector.
For those seeking detailed financial performance, U.S. Energy Corp. offers transparency through regular updates and comprehensive reports. Stakeholders can contact Mason McGuire for investor relations at IR@usnrg.com or via phone at (303) 993-3200. Further information is available on their website, www.usnrg.com.
U.S. Energy Corp. (NASDAQCM: USEG) announced the acquisition of operated oil and gas properties in Liberty County, TX, for $1.0 million in cash. The acquired properties, effective from April 1, 2022, are estimated to have Proved Developed Producing (PDP) reserves of approximately 88,510 barrels of oil and a PV-10 value of $2.3 million. This acquisition aligns with U.S. Energy's strategy to consolidate cash-flowing assets and enhance operational efficiencies in existing areas, further bolstered by the Panther City Pipeline, which offers prospects for gas sales.
U.S. Energy Corp. (NASDAQCM: USEG) reported significant growth for 2021, with revenues soaring by 186% to $6.7 million and production escalating by 55% to 123,165 BOE. The fourth quarter also demonstrated strong results, with a 148% revenue increase to $2.0 million. The company declared a quarterly cash dividend of $0.0225 per share, set for payment on May 2, 2022, to shareholders of record as of April 15, 2022. Management emphasized a strategy focused on opportunistic growth and shareholder returns, supported by a robust cash flow generation from recent acquisitions.
U.S. Energy Corp. (NASDAQCM: USEG) reported year-end 2021 SEC total estimated proved reserves of approximately 1.3 MMBoe and PV-10 of $20.6 million. After recent acquisitions finalized on January 5, 2022, total proved reserves grew to 6.0 MMBoe with a PV-10 of $109.8 million. CEO Ryan Smith noted 2021 as a transformative year, emphasizing diversified assets that generate cash flow and support consolidation initiatives. Year-end figures show significant increases in developed oil and gas reserves compared to 2020, reflecting a robust strategic position for 2022.
U.S. Energy Corp. (USEG) announced the successful closing of a $72.4 million acquisition of oil and gas assets from Lubbock Energy Partners LLC, Synergy Offshore LLC, and Sage Road Capital. The transaction was finalized on January 5, 2022, and was approved by shareholders the previous day. U.S. Energy issued 19.9 million shares and assumed $3.5 million in debt. This acquisition bolsters the company’s portfolio in the Rockies and Eagle Ford regions, enhancing its free cash flow generation and creating a diversified, low-leverage platform for further consolidation.
U.S. Energy Corp. (USEG) reported a robust performance for Q3 2021, with oil and gas production of 33,260 BOE, marking a 147% increase year-over-year. Revenues surged 345% to $1.8 million, driven by increased oil production and improved prices. The company held $7.0 million in cash with no debt at the end of the quarter. Management anticipates closing on acquisitions of diversified oil and gas assets in early 2022, aiming to enhance scale and establish a low-cost production model.
U.S. Energy Corp. (NASDAQCM: USEG) has entered into agreements to acquire oil and gas assets from Lubbock Energy Partners, Synergy Offshore, and Sage Road Capital. The transaction involves issuing 19,905,736 shares, paying $1.25 million in cash, and assuming $3.3 million in debt, with a total consideration of $99.5 million. This acquisition is expected to increase daily production by 377% and Proved Developed Producing reserves by 316%. It aims to position U.S. Energy as a low-cost consolidator, enhancing cash flow and operational efficiencies.
U.S. Energy Corp. (USEG) reported strong financial results for Q2 2021, with revenues soaring to $1.7 million, up from $0.2 million in Q2 2020. The company produced 32,073 BOE, averaging 352 BOE/day, representing a 130% increase from the prior year. Oil constituted 75% of total production, with average sales prices for oil and gas at $62.59 and $3.10 per unit, respectively. The company enjoys a solid balance sheet, with $6.6 million in cash and no debt, positioning it well for future growth.
U.S. Energy Corp. (NASDAQCM: USEG) reported strong first quarter results for 2021, achieving production volumes of 25,905 BOE, with 84% coming from oil. The average daily production increased by 4.3% to 288 BOE/d compared to Q4 2020. Revenue rose to $1.2 million, up from $0.9 million year-over-year, largely due to enhanced oil production volumes and improved prices. The company maintained a solid liquidity position with $7.2 million in cash and no debt, aiming to enhance operational efficiency and cash flow from acquisitions.
U.S. Energy Corp. (USEG) reported operational results for 2020, revealing a significant production increase. Fourth quarter production reached 25,397 BOE, averaging 276 BOEPD, an 89% rise from Q3 2020. The company's total proved reserves surged by approximately 49% to 1,480,665 BOE, with a pre-tax PV-10 value of $15.9 million based on strip pricing. Cash equivalents stand at $7.6 million as of March 1, 2021. U.S. Energy emphasized a focus on strategic growth and financial discipline moving into 2021, following the successful integration of new assets and the redemption of its preferred stock.
U.S. Energy Corp. (Nasdaq: USEG) announced the closing of its underwritten public offering of 1,131,600 shares of common stock at a price of $5.10 per share, generating gross proceeds of $5,771,160. The offering included the full exercise of an over-allotment option for 147,600 shares. Kingswood Capital Markets acted as the sole bookrunner. Shares were offered under a previously declared shelf registration statement filed with the SEC. The company focuses on acquiring and developing oil and gas properties in the U.S.
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