I've been a daily lurker on this board for some time, but the arrival of some new posters from the ESTE board have given me cause to post here now.
Recently I met some of USEG's management. Keith is extremely positive and upbeat about USEG's future in the oil business and in the Buda, and it's easy to infer that this is where most of the company's attentions will be focused. The company seems to have a good relationship with Contango and anticipates partnering with them for some time. In addition, USEG will continue to invest in small fractional interests in Bakken wells, which are operated by some of the best companies working in the Bakken.
Natural fractures in the Buda formation have been a boon for drillers and really keep down drilling costs.
USEG's sale of the uranium property a few years ago financed its entry into the oil business. Their investment in that property has been fully paid back and anything else they get would be icing on the cake. The moly mine in my opinion is a distraction that I wish the company didn't have, but good success in Buda should make it much less significant.