U.S. Energy Corp. (USEG)
Chart Events
Performance Outlook
| Previous Close | 3.8800 |
| Open | 3.9600 |
| Bid | 3.9100 x 1000 |
| Ask | 3.9800 x 800 |
| Day's Range | 3.9100 - 4.1600 |
| 52 Week Range | 3.0600 - 18.5700 |
| Volume | 153,199 |
| Avg. Volume | 355,187 |
| Market Cap | 17.476M |
| Beta (5Y Monthly) | 1.27 |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | -3.9440 |
| Earnings Date | Mar 02, 2021 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | Jul 03, 2007 |
| 1y Target Est | N/A |
Fair Value
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- GlobeNewswire
U.S. Energy Corp. Announces First Quarter Financial and Operating Results
HOUSTON, May 13, 2021 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQCM: USEG) (“We”, “U.S. Energy” or the “Company”) today announced financial and operating results for the first quarter ended March 31, 2021. Management Comments “U.S. Energy’s first quarter performance was strong as we began to successfully integrate and enhance assets that were acquired during late 2020,” said Ryan Smith, U.S. Energy’s Chief Executive Officer. “Since the beginning of the year, U.S. Energy has increased the value and size of our asset base while both growing and maintaining our liquidity and financial flexibility. The highly effective asset assimilation and immediate upside realization of the Company’s two most recent acquisitions shows that U.S. Energy can continue consolidating operated properties of increasing size and complexity while efficiently growing the Company’s existing portfolio. As we continue through 2021, U.S. Energy’s focus will be on maintaining the strength of our balance sheet and liquidity position while targeting properties that generate free cash flow and can be immediately upgraded through operational enhancements and variable-cost reductions.” First Quarter 2021 Production Update During the quarter ended March 31, 2021, U.S. Energy produced volumes of 25,905 BOE, an average of approximately 288 BOE per day. Oil represented 84% of total production in the first quarter of 2021 and the Company’s oil production increased approximately 21% from the fourth quarter of 2020. U.S. Energy’s oil production growth has primarily been driven by the successful integration of assets acquired during 2020. The Company’s production during the first quarter of 2021, specifically natural gas volumes from non-operated properties, was negatively impacted by extreme winter weather. All properties have since been returned to production. 1st Quarter2021 4th Quarter2020 Sales Volume (Total) Oil (Bbls) 21,872 18,101 Gas (Mcf) 24,195 43,776 Sales volumes (Boe) 25,905 25,397 Average Daily Production (Boe/d) 288 276 Average Sales Prices Oil (Bbl)$51.74 $39.16 Gas (Mcf)$3.27 $2.31 Barrel of Oil Equivalent$46.74 $31.90 Current Liquidity Position At March 31, 2021, the Company had approximately $7.2 million in cash, no existing debt and 4.6 million shares outstanding. During the first quarter of 2021, the Company entered into a fixed-price swap commodity derivative contract on 100 barrels of crude oil per day from March 1 to December 31, 2021, at $61.90 per barrel. First Quarter Ended March 31, 2021 Financial Results Revenues from sales of oil and natural gas during the first quarter of 2021 were $1.2 million compared to $0.9 million during the comparable period of 2020. The change in revenue was primarily attributable to an increase in oil production volumes and an improvement in realized commodity prices. Revenue from oil production represented 93% of our revenue during the quarter. During the first quarter of 2021, we realized an average oil sales price of $51.74 per Bbl and an average gas sales price of $3.27 per Mcf for an overall average sales price of $46.74 per BOE compared to an average oil sales price of $42.11 per Bbl and an average gas sales price of $1.69 per Mcf for an average sales price of $34.16 BOE during the comparable period of 2020. Lease operating expenses during the first quarter of 2021 were $568 thousand compared to $408 thousand during the comparable period of 2020. The increase in lease operating expenses was primarily due to elevated workover expenses related to bringing curtailed and shut-in production back online, primarily on our non-operated properties. General and administrative (“G&A”) expenses, including all non-cash items, totaled $735 thousand during the first quarter of 2021. Excluding non-cash items, G&A expenses totaled $583 thousand. About U.S. Energy Corp. We are 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 sustainable and efficient manner. More information about U.S. Energy Corp. can be found at www.usnrg.com. Forward-Looking Statements This 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
- GlobeNewswire
U.S. Energy Corp. Provides Preliminary Fourth Quarter and Full Year 2020 Operating Results and 2020 Year End Proved Reserves
HOUSTON, March 02, 2021 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQCM: USEG) (“U.S. Energy” or the “Company”) today announced operational results for the year and fourth quarter ended December 31, 2020. In addition, the Company announced its estimated proved reserves as of December 31, 2020. Highlights 4Q2020 production of 25,397 BOE, or average daily production of 276 BOEPD;Full year 2020 production of 79,816 BOE, or average daily production of 218 BOEPD;Proved Reserves of 1,255,236 BOE at December 31, 2020;2020 Year End Proved Reserves pre-tax PV-10 of $15.9 million at strip pricing on February 22, 2021;2020 Year End Proved Reserves pre-tax PV-10 of $8.7 million at SEC pricing;Cash and cash equivalents of $7.6 million at 3/1/2021; Management Comment “2020 was a transformational year for U.S. Energy and has positioned the Company to continue to execute its strategy of opportunistic growth and financial discipline,” said Ryan Smith, Chief Executive Officer of U.S. Energy, who continued, “Through our multiple operated acquisitions financed primarily with common stock, the advantageous removal of the Company’s burdensome preferred stock, and the significant reduction in corporate G&A and overhead expenses, U.S. Energy has unquestionably improved its asset base and strengthened its balance sheet as we begin 2021. The results of these efforts have begun to emerge as seen in the Company’s fourth quarter production, an 89% increase when compared to the third quarter. The significant increase is due to both the successful implementation of the Company’s newly acquired operated assets as well as non-operated wells continuing to be brought back to production. In a historically challenging industry environment, U.S. Energy increased its year end 2020 total proved reserve volumes by approximately 49% which is a direct result of the acquisitions made during 2020. As we progress into 2021, U.S. Energy remains committed and focused on growing shareholder value through a combination of strategic production growth and continued capital discipline.” Fourth Quarter 2020 Production During the fourth quarter of 2020, U.S. Energy increased production to 25,397 BOE (71% oil), an average of approximately 276 BOEPD. This represents an increase of 89% compared to the third quarter of 2020. The significant increase in production is a result of the successful implementation of operated assets acquired during 2020 as well as the Company’s non-operated wells continuing to be brought back online. During 2020, the Company produced 79,816 BOE (75% oil), an average of approximately 218 BOEPD. Full Year2020 4th Quarter2020 3rd Quarter2020Sales Volume (Total) Oil (Bbls) 60,469 18,101 10,354Gas (Mcf) 116,081 43,776 18,591Sales volumes (Boe) 79,816 25,397 13,453 Average Daily Production (Boe/d) 218 276 146 Average Sales Prices Oil (Bbl)$35.18 $39.16 $34.96Gas (Mcf)$1.75 $2.31 $2.10Barrel of Oil Equivalent$29.19 $31.90 $29.81 2020 Year End Reserves As of December 31, 2020 and using strip prices as of February 22, 2021, U.S. Energy had total proved reserves of approximately 1,480,665 BOE, an approximate 49% increase year over year. The total proved reserves had a pre-tax PV10% value of $15.9 million when using strip pricing on February 22, 2021, further adjusted for historical differentials, of $47.46/bbl of oil and $3.16/mcf of gas. As of December 31, 2020 and using SEC pricing, U.S. Energy had total proved reserves of approximately 1,255,236 Boe, an approximate 26% increase year over year. The total proved reserves had a pre-tax PV10% value of $8.7 million when using 2020 SEC pricing of $39.57/bbl of oil and $1.99/mcf of gas. Approximately 92% of total proved reserves are proved developed producing reserves (“PDP”). U.S. Energy operates approximately 40% of its total proved reserve base. As of12/31/2020 -Strip Pricing(1) As of12/31/2020 -SEC Pricing(2) As of 12/31/2019 -SEC Pricing(3)Proved Developed Oil Reserves (Bbls) 1,028,460 870,877 807,510Proved Developed Non-Producing Oil Reserves (Bbls) 117,920 104,868 -Total Proved Oil Reserves (Bbls) 1,146,380 975,745 807,510 Proved Developed Gas Reserves (Mcf) 2,005,710 1,676,948 1,129,260Proved Developed Non-Producing Gas Reserves (Mcf) - - -Total Proved Gas Reserves (Mcf) 2,005,710 1,676,948 1,129,260 Total Proved Reserves (Boe) 1,480,665 1,255,236 995,720 Present Value of Estimated Future Net Revenues Before Income Taxes, Discounted at 10% (000’s)$15,845 $8,662 $12,072 (1) Strip pricing at February 22, 2021 of $47.46/bbl of oil and $3.16/mcf of gas which includes adjustments for differentials. (2) SEC pricing of $39.57/bbl of oil and $1.99/mcf of gas.(3) SEC pricing of $55.69/bbl of oil and $2.58/mcf of gas. Fourth Quarter 2020 Transaction Highlights On December 31, 2020, U.S. Energy entered into and closed an Exchange Agreement with the holder of its existing Series A Convertible Preferred Stock, which had a liquidation preference of approximately $3.5mm at September 30, 2020, and accrued quarterly dividends of 12.25% per annum. Pursuant to the Exchange Agreement, the Preferred Stock was redeemed in exchange for $2.0 million in cash and 328,000 shares of U.S. Energy common stock. As a result of the Exchange Agreement, the Company no longer has any Series A Convertible Preferred Stock issued or outstanding and the Investor Rights Agreement by and between U.S. Energy and the holder of the Preferred Stock has been terminated. On December 1, 2020, U.S. Energy closed a previously announced transaction to acquire operated producing assets located in Liberty County, TX in an all-stock transaction. The assets had total estimated proved developed reserves of approximately 242,300 barrels of oil, comprised entirely of proved developed producing and proved developed non-producing reserves. The properties are operated with a 100% working interest and 86% net revenue interest. About U.S. Energy Corp. We are 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 sustainable and efficient manner. More information about U.S. Energy Corp. can be found at www.usnrg.com. Forward-Looking Statements This 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
- GlobeNewswire
U.S. Energy Corp. Announces Closing of $5.77 Million Underwritten Public Offering of Common Stock
HOUSTON, Feb. 17, 2021 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (Nasdaq: USEG) (the "Company"), today announced the closing of an underwritten public offering of 1,131,600 shares of common stock at a public offering price of $5.10 per share, which included the full exercise of the underwriter's over-allotment option for 147,600 shares of common stock, for gross proceeds to the Company of $5,771,160 before deducting underwriting discounts and other offering expenses. Kingswood Capital Markets, division of Benchmark Investments, Inc., acted as sole bookrunner for the offering. The shares of common stock were 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. A prospectus supplement and accompanying prospectus relating to the shares of common stock being offered were filed with the SEC. The Company also filed a Form 8-K in connection with the underwriting agreement and the pricing of the offering. Electronic copies of the prospectus supplement and accompanying prospectus may be obtained on the SEC's website at http://www.sec.gov or by contacting Kingswood Capital Markets, Attention: Syndicate Department, 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 Statements Certain 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. Thus, actual results could be materially different. Particular uncertainties and risks include 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: Contact: U.S. Energy Corp. Ryan Smith Chief Executive Officer (303) 993-3200 www.usnrg.com
