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News Breaks
June 18, 2014
08:34 EDTUSEGU.S. Energy reports sale of certain assets for $12.2M
U.S. Energy reported the sale of certain of its Williston Basin assets for $12.2M to an undisclosed buyer. On May 27, the company entered into a Purchase and Sale Agreement to sell certain Williston Basin assets that were originally acquired by the company in 2012. Under the terms of the sale agreement, the company sold its interest in approximately 285.70 net acres and 16 gross producing wells in Williams and McKenzie Counties, North Dakota. The transaction closed on June 17 and the effective date of the sale is January 1. When acquired in 2012, the company paid $1.4M in acquisition costs for the acreage, which included 8 gross producing wells. During 2013, the wells produced an average of approximately net 52 BOE/D. Our December 31, 2013 reserve report reflected 370,583 BOE and $8.7M PV-10 for the properties.
News For USEG From The Last 14 Days
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July 14, 2015
08:16 EDTUSEGU.S. Energy receives continued listing standard notice from Nasdaq
U.S. Energy Corp. reported that it has received a continued listing standard notification from the NASDAQ stock exchange. On July 10, the company received notification from the NASDAQ Stock Exchange that the company has failed to meet the listing requirement of maintaining a minimum bid price of $1 per share for the last 30 consecutive business days. As of July 9, the average closing price per share of the company's common stock over the preceding 30 day trading period was 74c per share. The company has six months to regain compliance with the NASDAQ continued listing requirements and avoid delisting. If at any time during the 180 day period the closing bid price of the Company’s common stock is at least $1 per share for a minimum of ten consecutive business days, NASDAQ will provide a written confirmation of compliance and this matter will be closed.

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