Business
U.S. Energy Corp. Announces Third Quarter Financial and Operating Results
HOUSTON, Nov. 12, 2021 (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, Nov. 12, 2021 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQCM: USEG) (“We”, “U.S. Energy” or the “Company”) today announced financial and operating results for the third quarter ended September 30, 2021. Quarterly Highlights and Recent Developments Production of 33,260 BOE, or daily production of 362 BOEPD, an increase of 147% from the prior year quarter. Oil and gas revenues of $1.8 million, an increase of 345% from the prior year quarter.Cash and cash equivalents of $7.0 million at 9/30/2021. Adjusted EBITDA of $0.5 million.As previously announced, on October 4, 2021, the Company entered into purchase and sale agreements to acquire assets from multiple sellers (the “Acquisitions”). The Company agreed to acquire certain oil and gas properties from the sellers, representing a diversified portfolio of operated, producing, oil-weighted assets located across the Rockies, West Texas, Eagle Ford, and Mid Continent. The closing of the Acquisitions is conditioned upon approval by a majority of U.S. Energy’s shareholders, among certain other closing conditions. If approved, the Acquisitions are expected to close in early 2022. Management Comments “The third quarter was a tremendous quarter for U.S. Energy as we continue to build on the progress made throughout 2021,” said Ryan Smith, U.S. Energy’s Chief Executive Officer. “A reliable production base combined with a predictable and low-overhead cost structure have enabled the Company to live and grow within cash flow. Our successful track record of closing and integrating the Company’s multiple PDP-focused transactions made throughout 2020 has resulted in a diversified, debt free entity that is well positioned to continue taking advantage of the current market landscape. Additionally, our team continues to move forward towards closing on the previously announced Acquisitions. Upon closing, the Acquisitions will provide U.S. Energy the increased size and scale needed to continue building a low-cost PDP consolidator focused on mature, low-decline assets. We look forward to updating the market on the acquired assets as well as other Company initiatives upon closing of the Acquisitions. We expect the Acquisitions to close in early 2022.” Third Quarter 2021 Production Update During the quarter ended September 30, 2021, U.S. Energy produced volumes of 33,260 BOE, an average of approxi...