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U.S. Energy Corp. Announces First and Second Quarter 2019 Financial and Operating Results
HOUSTON, Oct. 15, 2019 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQCM: USEG) (“we” “U.S. Energy” or the “Company”) today announced financial and operating
About this update from U.s. Energy Corp.
[{"type":"text","content":"HOUSTON, Oct. 15, 2019 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQCM: USEG) (“we” “U.S. Energy” or the “Company”) today announced financial and operating results for the first and second quarters ended March 31, 2019 and June 30, 2019, respectively. \n Second Quarter 2019 Highlights Production of 39,410 barrels of oil equivalent (“BOE”), or daily production of 433 barrels of oil equivalent per day (“BOEPD”) (75% oil);Oil and gas revenues of $1.9 million;Lease operating expenses of $0.5 million;Production taxes of $0.1 million;Mid-year 2019 reserves of 843,673 BOE (86% oil);Mid-year 2019 standardized measure of discounted future net cash flows relating to the Company’s proved oil and natural gas reserves value of $10.9 million; andMid-year 2019 PV-10 (non-GAAP) of $12.7 million. First Quarter 2019 Highlights Production of 34,229 BOE, or daily production of 380 BOEPD (74% oil);Oil and gas revenues of $1.6 million;Lease operating expenses of $0.5 million; andProduction taxes of $0.1 million. Current Liquidity Position As of October 10, 2019, we had $1.7 million in cash, no outstanding debt and 13,405,838 shares outstanding. As of October 10, 2019Cash balance ($mm) $1.7Debt outstanding ($mm) $0.0Shares outstanding 13,405,838 Reserves and Production As of July 1, 2019, the Company had reserves consisting of 843,673 BOE (86% oil). Our reserves are split 60/40% between North Dakota and South Texas, respectively. As of July 1, 2019 Oil Natural Gas Total (Bbl) (Mcf) (BOE)Proved developed producing 722,060 729,680 843,673Total proved reserves 722,060 729,680 843,673 As of July 1, 2019Standardized measure of discounted net cash flows $10,913Plus discounted impact of future income tax expense 1,779PV-10 $12,692 *7-1-19 SEC Pricing of $61.45 bbl / $3.02 mcf. Basin specific differentials are deducted from SEC pricing in calculating PV-10. Second quarter ended June 30, 2019 compared to the comparable period of 2018: We produced approximately 39,410 BOE (75% oil), or 433 BOEPD, during the second quarter of 2019. We participated in the development of our legacy South Texas acreage during the second quarter of 2019, driving an increase in the Company’s oil production over the comparable period of 2018. We also participated in increased workover activity on existing producing wells, primarily in North Dakota, which helped increase run-time and k...