U.S. Energy Corp. - USEG STOCK NEWS

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.

U.S. Energy Corp. (Nasdaq: USEG) has announced a public offering of 984,000 shares of common stock at $5.10 each, expecting gross proceeds of approximately $5.02 million. The underwriter, Kingswood Capital Markets, has a 45-day option to purchase up to an additional 147,600 shares. The offering, under a previously filed shelf registration statement, is expected to close on February 17, 2021. Proceeds are likely aimed at enhancing the company’s financial position for acquiring and developing oil and gas properties.

U.S. Energy Corp. (USEG) announced an underwritten public offering of its common stock, with plans to grant underwriters a 45-day option for an additional 15% of the shares. The offering, subject to market conditions, is anticipated to close on February 17, 2021. Shares are offered under a previously filed Form S-3 registration statement. Kingswood Capital Markets is the sole bookrunner for this offering. The company, focused on oil and gas properties in the U.S., emphasizes mature, low decline assets for maximizing capital returns.

U.S. Energy Corp. (NASDAQCM: USEG) announced the redemption of all Series A Convertible Preferred Stock, completing a significant milestone in its growth. The company redeemed the Preferred Stock for $2 million in cash and 328,000 shares of common stock, eliminating a $3.5 million liquidation preference and 12.25% quarterly dividends. This move strengthens the balance sheet and simplifies the capital structure, enhancing opportunities for common shareholders.

U.S. Energy Corp. (USEG) announced the full exercise of an over-allotment option for 150,000 additional shares, closing a public offering of 1,000,000 shares for total gross proceeds of $3.45 million. The proceeds will be utilized for potential acquisitions, capital expenditures, working capital, and general corporate purposes. The offering was arranged by Kingswood Capital Markets, and details were filed with the SEC. This strategic move aims to enhance the company's financial position and operational capacity in the energy sector.

U.S. Energy Corp (NASDAQCM: USEG) reported its Q3 2020 results, revealing production of 13,453 BOE, with 77% being oil, averaging 146 BOE/day. Despite challenges from low commodity prices and industry shut-ins, production began to recover in August. Revenues fell to $0.4 million from $1.6 million YoY, primarily due to decreased commodity prices and production volumes. Lease operating expenses decreased to $0.3 million, while G&A expenses also dropped to $607,000. Notably, a non-cash impairment of $1.1 million was recorded due to reduced reserve values. The company maintains a focus on strategic acquisitions.

U.S. Energy Corp. (Nasdaq: USEG) announced a public offering of 1,000,000 shares at $3.00 each, aiming for $3,000,000 in gross proceeds. Funds are earmarked for general corporate purposes, capital expenditures, working capital, and potential oil and gas acquisitions. The offering includes a 45-day option for the underwriter to purchase an additional 150,000 shares. Kingswood Capital Markets is the sole bookrunner, with the closing expected on November 16, 2020, subject to customary conditions.

U.S. Energy Corp (USEG) announced the acquisition of producing assets in Liberty County, Texas for $250,000 in restricted common stock. The transaction includes approximately 242,300 barrels of proved developed reserves, with a PV-10 value of $1.2 million. The properties feature a 100% working interest and 86% net revenue interest over 680 net acres, all held by production. This marks U.S. Energy's third acquisition in 2020, reinforcing its strategy of consolidating mature, cash-flowing properties amid current industry challenges.