HOUSTON, Jan. 10, 2025 (GLOBE NEWSWIRE) -- U.S. Energy Corporation (NASDAQ:USEG, "U.S. Energy" or the "Company"), "U.S. Energy" or the "Company") today announced that the Company has closed a transaction (the "Agreement") with Synergy Offshore, LLC ("Synergy" or "SOG") for the acquisition of operated acreage targeting helium and other industrial gas production across the Kevin Dome structure in Toole County, Montana (the "SOG Asset"). HIGHLIGHTS The SOG Asset includes: Approximately 24,000 net acres strateg ...

HOUSTON, Dec. 13, 2024 (GLOBE NEWSWIRE) -- U.S. Energy Corporation (NASDAQ: USEG, “U.S. Energy” or the “Company”) today announced that the Company has executed definitive documents for the sale of certain assets located in East Texas (the “East Texas Assets” and the “Transaction”). The Transaction is subject to customary closing conditions and the Transaction is expected to close on or before December 31, 2024. HIGHLIGHTS All cash proceeds of $6,825,000.Proceeds are expected to be used to fund the continued ...

HOUSTON, Aug. 07, 2024 (GLOBE NEWSWIRE) -- U.S. Energy Corporation (NASDAQ: USEG, "U.S. Energy" or the "Company"), a growth-focused energy company engaged in operating a portfolio of high-quality producing assets, today reported financial and operating results for the three months ended June 30, 2024. SECOND QUARTER 2024 HIGHLIGHTS Closed transaction on June 26, 2024, consisting of 140,000 net acres of helium and industrial gas targeted development in Montana; Signed letter of intent for the acquisition of ...

HIGHLIGHTS "We are pleased to announce U.S. Energy's recent Transaction, which will represent the complete divestment of the Company's assets in South Texas," stated Ryan Smith, Chief Executive Officer of U.S. Energy Corp., who continued, "With proceeds expected to go directly towards the development of the Company's Recent Acquisition, combined with a portion of conservative debt reduction, we anticipate that following the closing of the Transaction, U.S. Energy will sit in a position of increased liquidit ...

HOUSTON, July 09, 2024 (GLOBE NEWSWIRE) -- U.S. Energy Corporation (NASDAQ: USEG, "U.S. Energy" or the "Company") today announced that the Company has executed definitive documents (the "Transaction") for the sale of assets located in South Texas (the "South Texas Assets"). The Transaction is subject to customary conditions to closing and the Transaction may not close on a timely basis, or at all. All cash proceeds of approximately $6.5 million. Proceeds are expected to be used to fund development of U.S. E ...

HOUSTON, July 01, 2024 (GLOBE NEWSWIRE) -- U.S. Energy Corporation (NASDAQ: USEG, "U.S. Energy" or the "Company") today announced that the Company has closed a transaction (the "Agreement") with Wavetech Helium Inc ("Wavetech" or "WT") for the acquisition of operated acreage targeting helium production across the Kevin Dome structure in Toole County, Montana (the "WT Asset"). Additionally, the Company has executed a non-binding letter of intent (the "LOI") with Synergy Offshore, LLC ("Synergy" or "SOG") to ...

HOUSTON, July 01, 2024 (GLOBE NEWSWIRE) -- U.S. Energy Corporation (NASDAQ: USEG, "U.S. Energy" or the "Company") today announced that the Company has closed a transaction (the "Agreement") with Wavetech Helium Inc ("Wavetech" or "WT") for the acquisition of operated acreage targeting helium production across the Kevin Dome structure in Toole County, Montana (the "WT Asset"). Additionally, the Company has executed a non-binding letter of intent (the "LOI") with Synergy Offshore, LLC ("Synergy" or "SOG") to ...

U.S. Energy Corp. (NASDAQ:USEG) Q1 2024 Earnings Conference Call May 10, 2024 9:00 AM ET Company Participants Mason McGuire - Director, Corporate Development Ryan Smith - Chief Executive Officer Mark Zajac - Chief Financial Officer Conference Call Participants Charles Meade - Johnson Rice Tim Moore - EF Hutton Operator Greetings. And welcome to the U.S. Energy Corporation First Quarter 2024 Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session ...

First Quarter 2024 Overview [First Quarter 2024 Highlights](index=1&type=section&id=First%20Quarter%202024%20Highlights) U.S. Energy Corp. reported Q1 2024 net daily production of **1,207 Boe/d**, **Adjusted EBITDA of $0.2 million**, and **$17.0 million liquidity** - Net daily production: **1,207 Boe/d**, with oil comprising **62%** of total production[8](index=8&type=chunk) - Lease Operating Expense (LOE): **$3.2 million**, or **$29.02 per Boe**[8](index=8&type=chunk) - Adjusted EBITDA: **$0.2 million**[8](index=8&type=chunk) - Share Repurchase: Approximately **0.3 million shares** bought back for **~$0.3 million**[8](index=8&type=chunk) - Liquidity: Ended the quarter with **$5.0 million debt**, **$2.0 million cash**, and **$17.0 million total liquidity**[8](index=8&type=chunk) [Management Comments](index=1&type=section&id=Management%20Comments) CEO Ryan Smith highlighted the operations team's rapid recovery from adverse weather and emphasized leveraging the strong balance sheet and stock repurchase plan to maximize shareholder returns - The operations team successfully recovered from severe weather (heavy rains and flooding) in East Texas and the Gulf Coast, bringing most production back online by late March and early April without long-term negative effects[3](index=3&type=chunk) - The company is leveraging its strong balance sheet and liquidity to actively execute its stock repurchase plan and pursue initiatives focused on maximizing total shareholder returns[3](index=3&type=chunk) Financial and Operating Performance [Production Update](index=1&type=section&id=Production%20Update) Q1 2024 total production was **109,800 Boe** (**1,207 Boe/d**), impacted by weather-related downtime and asset divestitures, resulting in an estimated **125-150 Boe/d** temporarily shut-in Q1 2024 vs. Q1 2023 Production and Sales Prices | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Sales Volume** | | | | Oil (Bbls) | 68,599 | 91,311 | | Natural gas and liquids (Mcfe) | 247,209 | 384,031 | | Total (BOE) | 109,800 | 155,316 | | Average Daily Production (BOE/Day) | 1,207 | 1,726 | | **Average Sales Prices** | | | | Oil ($/Bbl) | $68.91 | $77.70 | | Natural gas and liquids ($/Mcfe) | $2.69 | $3.06 | | BOE ($/BOE) | $49.10 | $53.26 | - Weather-related downtime, mainly from flooding in East Texas and the Gulf Coast, led to an estimated **125-150 Boe/d** of temporarily shut-in production during the quarter[4](index=4&type=chunk) [First Quarter 2024 Financial Results](index=1&type=section&id=First%20Quarter%202024%20Financial%20Results) Q1 2024 total oil and gas sales decreased to **$5.4 million** due to lower production and an **8% price drop**, resulting in a **$9.5 million net loss** (or **$0.38 per share**) primarily from a **$5.4 million impairment**, with **Adjusted EBITDA at $0.2 million** Q1 2024 Key Financial Metrics (vs. Q1 2023, in millions) | Metric | Q1 2024 (in millions) | Q1 2023 (in millions) | | :--- | :--- | :--- | | Total Oil and Gas Sales | $5.4 | $8.3 | | Lease Operating Expense (LOE) | $3.2 | $4.4 | | Cash G&A Expenses | $2.0 | $2.1 | | Adjusted EBITDA | $0.2 | $1.2 | | Net Loss | ($9.5) | ($1.3) | | Loss Per Diluted Share | ($0.38) | ($0.05) | - The decrease in revenue was primarily due to lower production quantities following an asset divestiture and weather-related events, combined with an **8%** decrease in realized prices[6](index=6&type=chunk) - A significant contributor to the net loss was a non-cash impairment of **$5.4 million**, primarily driven by a reduction in SEC reserve pricing[10](index=10&type=chunk) [Balance Sheet Update](index=3&type=section&id=Balance%20Sheet%20Update) As of March 31, 2024, U.S. Energy maintained a solid liquidity position with **$5.0 million debt** outstanding, **$15.0 million credit facility availability**, and a **$2.0 million cash balance** Liquidity Position as of March 31, 2024 (in millions) | Item | Amount (in millions) | | :--- | :--- | | Debt Outstanding | $5.0 | | Credit Facility Availability | $15.0 | | Cash Balance | $2.0 | [Hedging Program Update](index=3&type=section&id=Hedging%20Program%20Update) The company has fixed-price crude oil swaps through Q4 2024 at **$80.01/bbl** and added new swaps for 2025 at **$73.71/bbl** to manage commodity price risk Crude Oil Hedged Volumes and Prices (as of May 9, 2024) | Period | Volume (Bbls) | Swap Price ($/bbl) | | :--- | :--- | :--- | | Q2 2024 | 48,600 | $81.76 | | Q3 2024 | 45,000 | $79.80 | | Q4 2024 | 40,720 | $78.15 | | Q1 2025 | 45,000 | $75.73 | | Q2 2025 | 43,225 | $74.19 | | Q3 2025 | 39,100 | $72.82 | | Q4 2025 | 36,800 | $71.64 | - On April 2, 2024, the Company entered into new fixed price crude oil swaps for the period from Q1 2025 to Q4 2025 with a weighted average swap price of **$73.71/bbl**[13](index=13&type=chunk) Financial Statements [Unaudited Condensed Consolidated Balance Sheets](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets were **$70.3 million** (down from **$80.4 million**), driven by depreciation and reduced oil and gas properties, with total liabilities at **$33.5 million** and shareholders' equity at **$36.7 million** Balance Sheet Summary (in thousands) | Account | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :--- | :--- | :--- | | Cash and equivalents | $2,006 | $3,351 | | Total current assets | $5,400 | $8,372 | | Net oil and natural gas properties | $63,089 | $70,175 | | **Total assets** | **$70,270** | **$80,444** | | Total current liabilities | $10,495 | $11,078 | | Credit facility | $5,000 | $5,000 | | **Total liabilities** | **$33,527** | **$33,922** | | **Total shareholders' equity** | **$36,743** | **$46,522** | [Unaudited Condensed Consolidated Statements of Operations](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2024 total revenues were **$5.4 million** (down from **$8.3 million**), with a **$5.4 million impairment** leading to an **$8.0 million operating loss** and a **$9.5 million net loss** (or **$0.38 per share**) Statement of Operations Summary (in thousands) | Account | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :--- | :--- | :--- | | Total revenue | $5,391 | $8,272 | | Total operating expenses | $13,413 | $10,232 | | Impairment of oil and natural gas properties | $5,419 | $- | | Operating income (loss) | ($8,022) | ($1,960) | | **Net income (loss)** | **($9,537)** | **($1,247)** | | **Basic and diluted income (loss) per share** | **($0.38)** | **($0.05)** | [Unaudited Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 net cash used in operating activities was **$0.6 million**, with **$0.2 million** used in investing and **$0.6 million** in financing, resulting in a **$1.3 million net decrease** in cash for the quarter Cash Flow Summary (in thousands) | Cash Flow Category | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | ($603) | $236 | | Net cash provided by (used in) investing activities | ($179) | ($1,367) | | Net cash provided by (used in) financing activities | ($563) | ($859) | | **Net (decrease) increase in cash and equivalents** | **($1,345)** | **($1,990)** | | Cash and equivalents, end of period | $2,006 | $2,421 | Non-GAAP Reconciliation [Adjusted EBITDA Reconciliation](index=9&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA, a non-GAAP measure, was **$0.2 million** in Q1 2024 (down from **$1.2 million**), with reconciliation from net loss including adjustments for a **$5.4 million impairment** and other non-cash items Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2024 (in thousands) | Q1 2023 (in thousands) | | :--- | :--- | :--- | | **Net Income (Loss)** | **($9,537)** | **($1,247)** | | Depreciation, depletion, accretion and amortization | $2,195 | $2,417 | | Non-cash loss (gain) on commodity derivatives | $1,785 | ($1,325) | | Interest Expense, net | $120 | $268 | | Income tax expense (benefit) | $18 | ($62) | | Non-cash stock based compensation | $200 | $727 | | Impairment of oil and natural gas properties | $5,419 | - | | Other Adjustments | ($3) | $405 | | **Total Adjusted EBITDA** | **$197** | **$1,183** | - Adjusted EBITDA is defined as net income (loss) adjusted for interest, taxes, DD&A, non-cash derivative gains/losses, share-based compensation, and other specific non-recurring or non-cash items[25](index=25&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from _____________ to _____________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 000-06814 (Exact Name of Registrant as Specified in its Charter) | Delaware | ...