Business
U.S. Energy Corp. Announces Full Year 2019 Financial and Operating Results
HOUSTON, March 30, 2020 (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, March 30, 2020 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQCM: USEG) (“We”, “U.S. Energy” or the “Company”) today announced financial and operating results for the year ended December 31, 2019. \n Full Year 2019 Highlights Production of 145,010 barrels of oil equivalent (“BOE”), or daily production of 397 barrels of oil equivalent per day (“BOEPD”) (76% oil);Oil and gas revenues of $6.6 million;Lease operating expenses of $1.8 million, or $12.74 per BOE;Production taxes of $0.4 million;Adjusted EBITDA of $0.1 million; andFree cash flow of $0.4 million. “U.S. Energy is well positioned to weather the turmoil in the oil markets due to our low-cost corporate structure and strong balance sheet,” said Ryan Smith, U.S. Energy’s Chief Executive Officer. “In this environment, our priorities are protecting our balance sheet and current liquidity position while executing on the previously stated strategy of acquiring PDP-heavy assets within and around our existing core areas. We are off to a strong start and look forward to creating and preserving shareholder value as we move forward through 2020.” 2019 Full Year Production Update During 2019, U.S. Energy increased production to 145,010 BOE (76% oil), an average of approximately 397 BOE per day. This represents an increase of 18% compared to 2018. The increase in our production quantities for the year ended December 31, 2019 was primarily attributable to production from our South Texas drilling activity during late 2018 and 2019. 4th Quarter 2019 Full Year 2019Sales Volume (Total) Oil (Bbls) 27,084 110,090Gas (Mcf) 58,137 209,518Sales volume (Boe) 36,774 145,010 Average daily production (Boe) 400 397 Average Sales Prices Oil (Bbl)$51.79$55.85Gas (Mcf)$1.80$2.03Average price (Boe)$41.00$45.33 Current Liquidity Position At December 31, 2019, the Company had approximately $1.5 million in cash. As of March 20, 2020, we had $1.4 million in cash, no outstanding debt and 1,404,817 shares outstanding. The Company produced $0.4 million in free cash flow during the annual period ended December 31, 2019, which we define as net cash provided by operating activities less net cash used in investing activities. As of March 20, 2020 Cash balance ($mm)$1.4 Debt outstanding ($mm)$0.0 Shares outstanding 1,404,817 Annual period ended 12/31/2019 Net cash provided by operating activities ($m)$638 Net ...