Business
U.S. Energy Corp. Provides Preliminary Fourth Quarter and Full Year 2019 Production Results and 2019 Year End Proved Reserves
HOUSTON, Feb. 20, 2020 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQCM: USEG) (“U.S. Energy” or the “Company”) today announced preliminary 2019 full year and
About this update from U.s. Energy Corp.
[{"type":"text","content":"HOUSTON, Feb. 20, 2020 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQCM: USEG) (“U.S. Energy” or the “Company”) today announced preliminary 2019 full year and fourth quarter operating results and its 2019 year end proved reserves.\n “Throughout the fourth quarter and entire 2019, we have continued to see increased production results across our legacy asset base in North Dakota and South Texas,” said Ryan Smith, U.S. Energy’s Chief Executive Officer. “As we enter 2020, U.S. Energy will not only continue to focus on participating in development activity across our legacy asset base, but will also seek to acquire assets within and around our existing core areas. We will target mature, PDP heavy assets that add immediate reserves and cash flow with acreage positions that are already held by production to provide for future opportunities. We believe the current A&D market environment offers substantial opportunities and that U.S. Energy is in a unique position to execute on this strategy with its debt free balance sheet, low overhead and strong legacy asset base.” 2019 Fourth Quarter and Full Year Production Update During the fourth quarter of 2019, U.S. Energy increased production to 36,774 BOE (74% oil), an average of approximately 400 BOE per day. This represents an increase of 6% compared to the third quarter of 2019. During 2019 the Company produced 145,010 BOE (76% oil), an 18% increase over 2018. 4th Quarter 2019 Full Year 2019Sales Volume (Total) Oil (Bbls) 27,084 110,090Gas (Mcf) 58,137 209,518Sales volumes (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 2019 Year End Proved Reserves Update As of December 31, 2019, U.S. Energy has total proved reserves of approximately 995,720 Boe, all of which are proved developed producing reserves (“PDP”). This represents an approximate 14% increase over prior year reserve quantities. The proved reserves had a present value of estimated future net revenues before income taxes discounted at 10% (“PV10”) value of $12.1 million. As of 12/31/2019 As of 12/31/2018Proved Developed Oil Reserves (Bbls) 807,510 751,260Proved Undeveloped Oil Reserves (Bbls) - -Total Proved Oil Reserves (Bbls) 807,510 751,260 Proved Developed Gas Reserves (Mcf) 1,129,260 737,998Proved Undeveloped Gas Reserves (Mcf...