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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.
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September 16, 2014
08:38 EDTUSEGU.S. Energy announces retirement of COO
U.S. Energy announced that the company's president and COO Mark J. Larsen has notified the board that he will retire from his positions as president and COO effective December 31. Larsen has been employed by the company since June 1984 and he was appointed as its president and COO in August 2005. Larsen will remain in an advisory role during 2015 to oversee the advancement of the Mount Emmons molybdenum project. Larsen will continue to be a member of the board through his current term which expires in June 2016.

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