Business
U.S. Energy Corp. Completes Acquisition of East Texas Bolt-On
HOUSTON, July 28, 2022 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQCM: USEG) (“U.S. Energy” or the “Company”) today announced that the Company has completed
About this update from U.s. Energy Corp.
[{"type":"text","content":"HOUSTON, July 28, 2022 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQCM: USEG) (“U.S. Energy” or the “Company”) today announced that the Company has completed its previously announced acquisition of operated oil and gas producing properties in Anderson and Henderson Counties, TX for a total cash consideration of $11.875 million, less purchase price adjustments. Ryan Smith, U.S. Energy’s Chief Executive Officer, said, “The successful closing of this highly accretive acquisition continues to build U.S. Energy’s production base, realizable upside inventory, and free cash flow profile. This acquisition further diversifies our commodity mix and when combined with our existing balanced portfolio, allows us the optionality to allocate capital to the Company’s highest rate of return projects. As we move into the second half of 2022, we remain focused on disciplined capital allocation across our asset base, the preservation of our strong balance sheet, and maintaining our shareholder returns program through internally generated free cash flow.” About U.S. Energy Corp. We are a growth company focused on consolidating high-quality producing assets in the United States with the potential to optimize production and generate free cash flow through low-risk development while maintaining an attractive shareholder returns program. We are committed to ESG stewardship and being a leader in reducing our carbon footprint in the areas in which we operate. More information about U.S. Energy Corp. can be found at www.usnrg.com . Forward-Looking Statements Certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, risks associated with the integrat...