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U.S. Energy Corp. (USEG)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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4.0200-0.6300 (-13.55%)
At close: 4:00PM EDT

4.2100 +0.19 (4.73%)
After hours: 4:16PM EDT

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Previous Close4.6500
Open4.5000
Bid3.8600 x 1300
Ask4.1000 x 800
Day's Range3.8600 - 4.5000
52 Week Range2.4400 - 18.5700
Volume247,211
Avg. Volume511,936
Market Cap7.098M
Beta (5Y Monthly)0.89
PE Ratio (TTM)N/A
EPS (TTM)-3.6310
Earnings DateMay 14, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateJul. 03, 2007
1y Target EstN/A
  • GlobeNewswire

    U.S. Energy Corp. Announces $1.65 Million Registered Direct Offering

    HOUSTON, Sept. 30, 2020 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (Nasdaq: USEG) (the "Company"), today announced that it has entered into definitive agreements with institutional and accredited investors for the purchase and sale of 315,810 shares of the Company’s common stock, at a purchase price of $5.25 per share, in a registered direct offering priced above the market under Nasdaq rules. The closing of the offering is expected to occur on or about October 2, 2020, subject to the satisfaction of customary closing conditions. Kingswood Capital Markets, division of Benchmark Investments, Inc. (“Kingswood Capital Markets”), is acting as the exclusive placement agent for the offering.The gross proceeds to the Company from this offering are expected to be $1.65 million, before deducting the placement agent's fees and other estimated offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. The shares of common stock are being offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-248906) previously filed with the Securities and Exchange Commission (the "SEC") on September 18, 2020 and declared effective by the SEC on September 25, 2020. The offering will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the shares of common stock being offered will be filed with the SEC.  The Company will also file a Form 8-K in connection with the securities purchase agreement and the closing of the offering. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC's website at http://www.sec.gov or by Kingswood Capital Markets, Attention: Edward Tsuker, 17 Battery Place, Suite 625, New York, NY 10004, by telephone at (212) 404-7002, or by email at syndicate@kingswoodcm.com.This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.About U.S. Energy Corp.U.S. Energy is an independent energy company focused on the acquisition and development of oil and gas producing properties in the United States. Our business is currently focused on targeting mature, low decline assets with existing infrastructure, which we believe allows us to maximize our return on capital in a cost effective and sustainable manner. More information about U.S. Energy Corp. can be found at www.usnrg.com.Forward-Looking StatementsCertain statements in this press release constitute "forward-looking statements" within the meaning of, and within the safe harbor provided by the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the SEC, not limited to Risk Factors relating to its business contained therein. Additional risks and uncertainties relate to completion of the registered direct offering on the anticipated terms, or at all, market conditions and the satisfaction of customary closing conditions related to the registered direct offering. Thus, actual results could be materially different. Particular uncertainties and risks include: our ability to satisfy the closing conditions of the registered direct offering; the closing of the registered direct offering; the use of proceeds of the offering and market and other conditions. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.Contact:U.S. Energy Corp. Ryan Smith Chief Executive Officer (303) 993-3200 www.usnrg.com

  • GlobeNewswire

    U.S. Energy Corp. Announces Asset Acquisition

    HOUSTON, Sept. 29, 2020 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQCM: USEG) (“U.S. Energy” or the “Company”) today announced that the Company has entered into an Asset Purchase Agreement and closed a transaction (the “Transaction”) to acquire operated and non-operated producing assets (the “Properties”) primarily located in Lea County, New Mexico and Converse County, Wyoming. The acquired Properties consist of select upstream assets of FieldPoint Petroleum Corporation (“FieldPoint”) and were acquired pursuant to Fieldpoint’s Chapter 7 bankruptcy process. Acquisition Highlights * Proved Developed Producing (“PDP”) reserves estimated at approximately 237,263 barrels of oil equivalent (Boe) (63% oil). * PDP PV-10 estimated at $2.5 million. * Lea County, New Mexico assets comprise approximately 82% of total PDP volumes. * Converse County, Wyoming assets comprise approximately 15% of total PDP volumes. * Assets acquired for $500,000 in cash. “We are pleased to announce this acquisition, which represents U.S. Energy’s second acquisition of 2020 and follows our previously stated strategy of seeking to acquire assets that represent mature, PDP heavy properties which we believe have significant upside potential from existing operations,” said Ryan Smith, Chief Executive Officer of U.S. Energy, who continued, “The Properties, acquired at an approximate 80% discount to their current PDP PV-10 reserve value, add reserves and immediate free cash flow, with operated acreage positions that are held by production to provide optionality for future opportunities. As we continue to execute our consolidation strategy moving forward in 2020 and into 2021, U.S. Energy will continue to pursue attractive opportunities that allow for capital efficient growth and increased shareholder value, while maintaining a low-cost corporate structure and clean balance sheet.”Acquired Properties OverviewAs of August 1, 2020, the Properties had total estimated proved reserves of approximately 237,263 Boe (63% oil), all of which are Proved Developed Producing reserves, and had a present value of estimated future net revenues before income taxes discounted at 10% (“PV10”) value of approximately $2.5 million. The properties are 59% non-operated and 41% operated, with the non-operated assets being operated primarily by Cimarex Energy and ConocoPhillips in Lea County, New Mexico.The consideration paid at closing by U.S. Energy consisted of $500,000 in cash.   Acquired Assets Estimated as of August 1, 2020** Proved Developed Oil Reserves (barrels (Bbls))  149,940 Proved Undeveloped Oil Reserves (Bbls)  - Total Proved Oil Reserves (Bbls)  149,940      Proved Developed Gas Reserves (thousand cubic feet (Mcf))  523,940 Proved Undeveloped Gas Reserves (Mcf)  - Total Proved Gas Reserves (Mcf)  523,940      Total Proved Reserves (Boe)  237,263      PV10($000’s)*  $2,459 *Strip Pricing as of September 9, 2020. ** Estimated pursuant to the August 1, 2020 report of the Company’s 3rd party reserve engineer, On Point Resources, LLC.Promissory NoteU.S. Energy also announced that the Company entered into a $375,000 Secured Promissory Note (the “Note”) with the Company’s largest shareholder, APEG Energy II, L.P., which entity is controlled by a member of the Board of Directors. All proceeds from the financing were used to fund the Company’s recent acquisition. For more information on the acquisition and the Note, please see the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 29, 2020.About U.S. Energy Corp. U.S. Energy is an independent energy company focused on the acquisition and development of oil and gas producing properties in the United States. Our business is currently focused on targeting mature, low decline assets with existing infrastructure that allows us to maximize our return on capital in a cost effective and sustainable manner. More information about U.S. Energy Corp. can be found at www.usnrg.com.Forward-Looking StatementsCertain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. 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. Forward-looking statements in this document may include statements regarding the Company’s expectations regarding the Company’s operational, exploration and development plans; expectations regarding the nature and amount of the Company’s reserves; and expectations regarding production, revenues, cash flows and recoveries. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in oil and natural gas prices, uncertainties inherent in estimating quantities of oil and natural gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company’s oil and natural gas production, dependence upon third-party vendors, and the duration, effects and governmental responses to, COVID-19, among others. Such risks, uncertainties, and other factors also include, but are not necessarily limited to, those set forth under Item 1A “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and subsequently filed Quarterly Reports on Form 10-Q under the heading “Risk Factors”. The Company operates in a highly competitive and rapidly changing environment, thus new or unforeseen risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statements, except as otherwise required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company. Readers are also urged to carefully review and consider the other various disclosures in the Company’s public filings with the Securities Exchange Commission (SEC), including, but not limited to, the risk factors discussed above. The Company's SEC filings are available at http://www.sec.gov.Petroleum engineering is a process of estimating underground accumulations of oil, natural gas and natural gas liquids (NGLs) that cannot be measured in an exact way. The accuracy of any resource estimate depends on the availability of data, the interpretation of such data and price and cost assumptions made by petroleum engineers. Such estimates are also subject to actual drilling, testing and production activities. Accordingly, resource estimates included in this press release may differ significantly from the quantities of oil, natural gas and NGLs that are ultimately recovered. CONTACT: Corporate Contact: U.S. Energy Corp. Ryan Smith Chief Executive Officer (303) 993-3200 www.usnrg.com

  • GlobeNewswire

    U.S. Energy Corp. Announces Second Quarter Financial and Operating Results

    HOUSTON, Aug. 14, 2020 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQCM: USEG) (“We”, “U.S. Energy” or the “Company”) today announced financial and operating results for the second quarter ended June 30, 2020.  Management Comments“Despite the continuation of the challenging commodity price backdrop and unprecedented shut-in activity taking place across large portions of the upstream industry, U.S. Energy is uniquely well positioned to take advantage of the turmoil in the commodity markets,” said Ryan Smith, U.S. Energy’s Chief Executive Officer. “While we were undoubtedly affected by shut-in activity and low prices, our low-cost corporate structure and strong balance sheet have enabled us to weather the storm and continue pursuing our stated strategy of acquiring PDP heavy assets that are immediately cash flow accretive. With the recent sustained improvement in commodity strip pricing, U.S. Energy is beginning to see a slow but steady return of curtailed and shut-in production since the end of the second quarter. Going forward, our priorities will continue to be focused on taking measures to strengthen our balance sheet and liquidity position while continuing to identify asset value dislocations and the associated acquisition opportunities.”Second Quarter 2020 Production UpdateDuring the quarter ended June 30, 2020, U.S. Energy produced volumes of 13,897 BOE (84% oil), an average of approximately 151 BOE per day. Production declines were experienced due to many of U.S. Energy’s operating partners actions to shut-in or curtail production and defer development plans as a result of the low commodity price environment.  2q2020 Sales Volume (Total)   Oil (Bbls) 11,710 Gas (Mcf) 13,124 Sales volume (Boe) 13,897     Average daily production (Boe) 151     Average Sales Prices   Oil (Bbl)$17.18 Gas (Mcf)$(0.95) Average price (Boe)$13.58 Current Liquidity PositionAt June 30, 2020, the Company had approximately $0.8 million in cash. As of August 14, 2020, we had approximately $0.8 million in cash, no outstanding debt and 1,399,754 shares outstanding.Second Quarter Ended June 30, 2020 Financial ResultsRevenues from sales of oil and natural gas during the second quarter of 2020 were $0.2 million compared to $1.9 million during the comparable period of 2019. The change in revenue was primarily attributable to a decrease in commodity prices combined with a decrease in production volumes. For the second quarter of 2020 we realized an average oil sales price of $17.18 per Bbl and an average gas sales price of $(0.95) per Mcf for an overall average sales price of $13.58 per BOE compared to an average oil sales price of $59.89 per Bbl and an average gas sales price of $1.86 per Mcf for an average sales price of $47.51 BOE during the comparable period of 2019. Our average realized oil price per Bbl for April 2020, May 2020 and June 2020 was $4.72, $20.26 and $30.20, respectively. Revenue from oil production represented the entirety of our revenue during the quarter.Lease operating expenses during the second quarter of 2020 were $0.3 million, or $23.96 per BOE, compared to $0.5 million, or $11.95 per BOE, during the comparable period of 2019. The decrease in overall lease operating expenses was the result of reduced overall field activity. The increase in lease operating expenses on a per BOE basis was driven by operators shutting in existing production along with the expected natural decline of wells drilled in late 2018 and early 2019, primarily from the participation in development on our South Texas acreage.We recorded an impairment of our oil and natural gas properties of $1.8 million during the second quarter of 2020 related to a full cost ceiling test limitation driven by the reduction in the value of our reserves due to a decline in commodity prices. We had no such impairment during the comparable period of 2019.Additionally, during the second quarter of 2020 we recorded impairment charges of $1.1 million related to our Riverton, Wyoming property. Included in the impairment charge is an adjustment of the carrying value of our building and land, which we have transferred to real estate held for sale of $0.7 million. We adjusted the value of the building and land to $0.7 million, which we expect to realize from the sale of the property in the second half of 2020. We also adjusted the carrying value of additional parcels of land we own in Riverton, Wyoming not currently offered for sale by $0.4 million.General and administrative (“G&A”) expenses totaled $376 thousand during the second quarter of 2020 compared to $848 thousand during the comparable period of 2019. The reduction was primarily attributable to a decrease in professional service fees combined with savings realized as a result of the Company’s successful implementation of a reduction in corporate overhead. We believe expenditures related to the litigation involving the Company during 2019 are substantially behind us and expect to continue reducing professional fees throughout the remainder of 2020.Net loss was $3.7 million and Adjusted EBITDAX was $(510) thousand for the second quarter of 2020. Adjusted EBITDAX is a non-GAAP financial measure. Please see the below table that provides an unaudited reconciliation of net loss to Adjusted EBITDAX for the three months ended June 30, 2020 and 2019.  2q2020  2q2019            (in thousands)  Income (loss) from continuing operations (GAAP) $(3,651) $20  Depreciation, depletion, accretion and amortization  68   168  Unrealized loss (gain) loss on marketable equity securities  45   7  Loss (gain) on warrant revaluation  114   (234) Impairment of oil and gas properties  1,794   -  Loss on real estate held for sale  651   -  Impairment of real estate  403   -  Stock-based compensation expense  64   13  Interest, net  2   (1)           Adjusted EBITDA (Non-GAAP) $(510) $(27) About U.S. Energy Corp.We are an independent energy company focused on the lease acquisition and development of oil and gas producing properties in the continental United States. Our business is currently focused in the Williston Basin of North Dakota and South Texas. We target low decline assets with existing infrastructure that allows us to maximize our return on capital in a cost effective and sustainable manner. More information about U.S. Energy Corp. can be found at www.usnrg.com.Forward-Looking StatementsThis press release may include “forward-looking statements” within the meaning of the securities laws. All statements other than statements of historical facts included herein may constitute forward-looking statements. Forward-looking statements in this document may include statements concerning the Company’s expectations regarding the Company’s operational, exploration and development plans; expectations regarding the nature and amount of the Company’s reserves; and expectations regarding production, revenues, cash flows and recoveries. When used in this press release, the words "will," "potential," "believe," "estimate," "intend," "expect," "may," "should," "anticipate," "could," "plan," "predict," "project," "profile," "model," or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in oil and natural gas prices, uncertainties inherent in estimating quantities of oil and natural gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company’s oil and natural gas production, dependence upon third-party vendors, and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. CONTACT: Corporate Contact: U.S. Energy Corp. Ryan Smith Chief Executive Officer (303) 993-3200 www.usnrg.com