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U.S. Energy Corp. Announces First Quarter Financial and Operating Results
HOUSTON, May 12, 2022 (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, May 12, 2022 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQCM: USEG) (“We”, “U.S. Energy” or the “Company”) today announced financial and operating results for the first quarter ended March 31, 2022. Quarterly Highlights and Recent Developments Oil and gas revenues of $8.9 million, an increase of 633% from the comparable period of 2021.Production of 120,712 barrels of oil equivalent (“BOE”), or daily production of 1,341 BOE per day (“BOEPD”), an increase of 366% from the comparable period of 2021. Adjusted EBITDA1 of $4.1 million.Closed transformational and highly accretive acquisition of operated, oil-weighted assets from multiple parties on January 5, 2022.Advanced ESG initiatives, including the implementation of gas gathering systems to continue reducing the Company’s environmental footprint as well as the initiation of a proactive plugging and abandonment program on targeted assets. Management Comments “The first quarter of 2022 represented the achievement of numerous milestones for U.S. Energy as we continue to build on the success realized in 2021,” said Ryan Smith, U.S. Energy’s Chief Executive Officer. “U.S. Energy began the quarter focused on the integration of our transformational acquisitions and we delivered strong results which reflect the success of our consolidation strategy and ability to acquire and develop producing assets. Our strong balance sheet and significant cash flow generation also allowed U.S. Energy to introduce a formalized shareholder returns plan, resulting in the initiation of a sustainable dividend that is planned to continue going forward. As we progress through 2022, U.S. Energy is committed to furthering its track record of accretive growth, disciplined capital allocation, and upside realization from acquired assets to continue driving meaningful shareholder value.” First Quarter 2022 Production Update For the three months ended March 31, 2022, we produced 120,712 BOE, or an average of 1,341 BOEPD, as compared to 25,905 BOE or 288 BOEPD during the comparable period in 2021. U.S. Energy’s production growth has primarily been driven by the integration of operated assets acquired in January 2022 and the Company’s efforts in optimizing legacy production operations. 1st Quarter 2022 1st Quarter 2021 Sales Volume (Total) Oil (Bbls) 90,821 21,872 Gas and liquids (Mcfe) 179,343 24,195 Sales vo...