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U.S. Energy Corp. Reports Financial and Operating Results for Second Quarter 2024
HOUSTON, Aug. 07, 2024 (GLOBE NEWSWIRE) -- U.S. Energy Corporation (NASDAQ: USEG, “U.S. Energy” or the “Company”), a growth-focused energy company engaged in
About this update from U.s. Energy Corp.
[{"type":"text","content":"HOUSTON, Aug. 07, 2024 (GLOBE NEWSWIRE) -- U.S. Energy Corporation (NASDAQ: USEG, “U.S. Energy” or the “Company”), a growth-focused energy company engaged in operating a portfolio of high-quality producing assets, today reported financial and operating results for the three months ended June 30, 2024. SECOND QUARTER 2024 HIGHLIGHTS Closed transaction on June 26, 2024, consisting of 140,000 net acres of helium and industrial gas targeted development in Montana;Signed letter of intent for the acquisition of an additional 24,000 net acres of helium and industrial gas targeted development in Montana on June 25, 2024, with both acreage positions being highly contiguous;2024 Mid-year oil and gas reserves of 3.5 Mboe (100% PDP and 69% oil) with a PV-10 value of $50.9 million;Net daily production of 1,221 barrels of oil equivalent per day (“Boe/d”) (64% oil);Revenue totaled $6.0 million (90% oil sales);Lease Operating Expense of $3.1 million, a 18% decrease from second quarter of 2023;Adjusted EBITDA of $1.1 million;Repurchased approximately 0.2 million shares of common stock, representing nearly 0.5% of outstanding shares, for approximately $0.2 million;Subsequent to quarter end, closed divestitures of South Texas properties for $6.5 million, with proceeds going towards asset development and debt reduction. MANAGEMENT COMMENTS “We are pleased with the significant progress U.S. Energy made during the second quarter of 2024,” said Ryan Smith, U.S. Energy’s Chief Executive Officer. “Our successful recent acquisition of helium and other industrial gas assets in Montana, combined with the near-term initiation of our drilling and development operations on these assets, marks a pivotal moment in the Company’s strategic expansion. This acquisition not only strengthens and diversifies our asset base, but also aligns with our long-term vision of capitalizing on the immense resource potential in a region in which U.S. Energy already has a vast and longstanding footprint. Additionally, the opportunistic divestiture of our South Texas assets subsequent to quarter end allowed the Company to both pay down existing debt as well as bolster our liquidity profile as we begin development on the newly acquired assets. This series of transactions underscores our commitment to maintaining a highly conservative balance sheet while strategically redeploying ca...