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U.S. Energy Corp. Announces 24% Increase to Year-End 2022 Proved Producing Reserves and Provides Fourth Quarter 2022 Operations Update
HOUSTON, Feb. 21, 2023 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQ: USEG, “U.S. Energy” or the “Company”), a growth-focused energy company engaged in
About this update from U.s. Energy Corp.
[{"type":"text","content":"HOUSTON, Feb. 21, 2023 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQ: USEG, “U.S. Energy” or the “Company”), a growth-focused energy company engaged in operating a portfolio of high-quality producing assets, today announced its 2022 proved reserves and provided an update on its fourth quarter 2022 production, year-end balance sheet, and liquidity. HIGHLIGHTS Increased year-end 2022 proved developed producing (“PDP”) reserves by 24% to 7.8 million barrels of oil equivalent (“MMBoe”), of which 65% is crude oil, from 6.3 MMBoe at year-end 2021, of which 80% was crude oil: Two acquisitions of long-lived producing assets concentrated in the Gulf Coast and East Texas added approximately 1.6 MMBoe of PDP reserves since the year-end 2021 report;PV-10 of PDP reserves was $173.1 million at SEC pricing, inclusive of marketing differentials, which averaged $90.67 per barrel of crude oil $5.71 per MCF of natural gas; Grew fourth quarter 2022 average daily production to 1,918 barrels of oil equivalent per day (“Boe/d”), representing a 453% increase over fourth quarter 2021 and a 9% increase over third quarter 2022.Exited 2022 with debt of $12.0 million and cash of $4.1 million for total liquidity of $12.1 million. “U.S. Energy was successful in 2022 executing on our stated acquisition strategy of opportunistically adding significant reserves while maintaining an excellent balance sheet,” said Ryan Smith, U.S. Energy’s Chief Executive Officer. “We are pleased to report strong year-end 2022 proved reserves with our year-end SEC reserve report, prepared by an independent third party, showing an increase of 24% in proved producing reserves. We also achieved record production in the fourth quarter thanks to the strong efforts of our operational team combined with one-time field level investments made during the second half of the year to optimize assets acquired throughout 2022. We look forward to providing more details on our 2023 capital allocation strategy and asset base outlook when we report our fourth quarter earnings next month.” YEAR-END 2022 PROVED RESERVES VOLUMES: Net Crude Oil Net Natural Gas Total Net Reserves (MBbls) (MMcf) (MBOE)Proved Developed Producing5,109 16,317 7,828Proved Non-Producing31 31 37Total Proved5,140 16,348 7,865 OPERATIONS AND FINANCIAL UPDATE Q4 2021 Q3 2022Q4 2022 Y/Y Chg.Q/Q Chg.Crude Oil (BBL)23,424 95,429102,3...