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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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December 15, 2014
08:38 EDTUSEGU.S. Energy appoints David Veltri as COO
U.S. Energy announced the appointment of David Veltri as president and COO of the company, effective January 1, 2015. In addition, the company announced the approval by its board of an $8.2M 2015 oil & gas CAPEX budget and announced the reduction of its debt by 25%, from $8M to $6M. Prior to joining U.S. Energy, Veltri was the COO of Denver, Colorado based Emerald Oil.

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