Revenue and Production - U.S. Energy reported total revenue of $20.6 million for 2024, a 36% decrease compared to 2023, with oil sales at $18.2 million and natural gas and liquids sales at $2.5 million[14]. - Average daily production for 2024 was 1,136 Boe/d, down 34% from 2023, with total production of 415,887 Boe[12]. - In the fourth quarter of 2024, revenue was $4.2 million, a 15% decrease from the previous quarter, with oil sales at $3.6 million[21]. - Total revenue for 2024 was $20,619,000, a decrease of 36.5% compared to $32,316,000 in 2023[36]. - Oil revenue decreased to $18,165,000 in 2024 from $28,352,000 in 2023, representing a decline of 35.8%[36]. Financial Performance - Adjusted EBITDA for 2024 was $3.6 million, while the company reported a net loss of $25.8 million due to impairments and asset sales[17]. - Net loss for 2024 was $25,784,000, compared to a net loss of $32,356,000 in 2023, showing an improvement of 20.5%[36]. - Total Adjusted EBITDA decreased to $3,596 thousand in 2024 from $4,884 thousand in 2023, reflecting a decline of approximately 26.3%[41]. - The company reported a basic and diluted loss per share of $0.96 for 2024, an improvement from a loss of $1.28 per share in 2023[36]. Assets and Liabilities - The company ended 2024 with $7.7 million in cash and no outstanding debt, resulting in total liquidity of $27.7 million[5]. - Total current assets increased to $9,724,000 in 2024 from $8,372,000 in 2023, reflecting a growth of 16.2%[34]. - Total assets decreased significantly to $49,667,000 in 2024 from $80,444,000 in 2023, a decline of 38.3%[34]. - Total liabilities decreased to $25,846,000 in 2024 from $33,922,000 in 2023, a reduction of 23.7%[34]. - Cash and equivalents at the end of 2024 were $7,723,000, up from $3,351,000 in 2023, indicating a significant increase of 130.9%[38]. Impairments and Expenses - The company incurred impairment of oil and natural gas properties amounting to $11,918,000 in 2024, down from $26,680,000 in 2023, a decrease of 55.3%[36]. - The company incurred interest expense of $530 thousand in 2024, significantly lower than $1,101 thousand in 2023, representing a decrease of approximately 51.9%[41]. - Non-cash stock-based compensation decreased to $1,268 thousand in 2024 from $2,293 thousand in 2023, a reduction of about 44.5%[41]. - The total adjustments for the year were $29,380 thousand in 2024, compared to $37,240 thousand in 2023, reflecting a decrease of approximately 21.1%[41]. - The unrealized loss on commodity derivatives was $1,844 thousand in 2024, compared to an unrealized gain of $3,538 thousand in 2023[41]. - The company reported a loss on the sale of assets amounting to $4,978 thousand in 2024, with no such loss reported in 2023[41]. - The income tax expense for 2024 was $20 thousand, a significant improvement from an income tax benefit of $1,191 thousand in 2023[41]. - Transaction-related expenses were recorded at $369 thousand in 2024, with no such expenses reported in 2023[41]. Shareholder Activities - The company repurchased 1.67 million shares, representing approximately 4.9% of total shares outstanding, at an average price of $1.73 per share[9]. Future Plans - U.S. Energy plans to initiate development activities for its industrial gas assets in Montana starting April 2025, including drilling new wells and advancing carbon sequestration initiatives[6]. - The company successfully completed a public equity offering in January 2025, raising net proceeds of approximately $12.1 million[8]. Reserves - Year-end 2024 proved reserves were 2.0 MBoe, with a present value of $29.1 million discounted at 10%[24][26].

Core Viewpoint - U.S. Energy Corporation reported significant developments in 2024, focusing on the acquisition and development of industrial gas assets, achieving a strong financial position with zero debt, and planning for sustainable growth in the industrial gas sector [4][6][18]. Full Year 2024 Highlights - Total revenue for 2024 was $20.6 million, a decrease of 36% compared to 2023, with oil sales at $18.2 million and natural gas and liquids sales at $2.5 million [15][18]. - Average daily production was 1,136 Boe/d, down 34% from 2023, with oil production averaging 702 Bbl/d [11][12]. - Lease operating expenses totaled $11.2 million, or $26.83 per Boe, reflecting a 27% decrease from 2023 [16]. - Adjusted EBITDA for 2024 was $3.6 million, with a net loss of $25.8 million, primarily due to asset impairments and losses on asset sales [18][39]. Fourth Quarter 2024 Highlights - Revenue for Q4 2024 was $4.2 million, a 15% decrease from Q3 2024, with oil sales at $3.6 million and natural gas and liquids sales at $0.6 million [21]. - Average daily production in Q4 was 971 Boe/d, down 16% from Q3 2024 [19][20]. - Lease operating expenses for Q4 totaled $1.8 million, or $20.58 per Boe, a significant decrease from Q3 2024 [22]. - Adjusted EBITDA for Q4 was $0.4 million [23]. Management Comments - The CEO emphasized the importance of 2024 as a transformative year, highlighting the acquisition of over 160,000 acres for industrial gas development and the elimination of all outstanding debt [4][6]. - The company plans to scale operations, execute new drilling programs, and advance carbon sequestration initiatives [4][6]. Montana Project Timeline - The company has outlined an active development program for its industrial gas assets in Montana, with initial activities planned for April 2025 [6][13]. - Key activities include the completion of existing wells, drilling new wells, and launching a carbon sequestration business [13]. Shareholder Returns Program - The company has repurchased 1.67 million shares, representing approximately 4.9% of total shares outstanding, as part of its ongoing share repurchase program [9][10]. - The Board of Directors extended the share repurchase program through June 30, 2026, with $3.7 million remaining for future repurchases [10]. Reserves Summary - As of year-end 2024, the company reported SEC proved reserves of 2.0 MBoe, with 81% classified as oil and 19% as natural gas [24][25]. - The present value of the proved reserves, discounted at 10%, was $29.1 million [26]. Financial Statements Overview - The company ended 2024 with $7.7 million in cash and no debt, indicating a strong liquidity position [5][34]. - Total assets decreased to $49.7 million from $80.4 million in 2023, primarily due to asset divestments [34].

Core Insights - U.S. Energy Corporation reported significant developments in 2024, focusing on industrial gas assets and achieving a strong financial position with zero debt [4][5][14]. Full Year 2024 Highlights - Total revenue for 2024 was $20.6 million, a 36% decrease from 2023, with oil sales at $18.2 million and natural gas and liquids sales at $2.5 million [14]. - Average daily production was 1,136 Boe/d, down 34% from 2023, with oil production averaging 702 Bbl/d [10][11]. - Lease operating expenses totaled $11.2 million, or $26.83 per Boe, reflecting a 27% decrease from 2023 [15]. - Adjusted EBITDA for 2024 was $3.6 million, with a net loss of $25.8 million, primarily due to asset impairments and losses on asset sales [17][39]. Fourth Quarter 2024 Highlights - Revenue for Q4 2024 was $4.2 million, a 15% decrease from Q3 2024, with oil sales at $3.6 million and natural gas and liquids sales at $0.6 million [20]. - Average daily production in Q4 was 971 Boe/d, down 16% from Q3 2024 [18][19]. - Lease operating expenses for Q4 totaled $1.8 million, or $20.58 per Boe, a 40% decrease from Q3 2024 [21]. - Adjusted EBITDA for Q4 was $0.4 million [22]. Management Comments - The CEO highlighted the strategic focus on developing newly acquired industrial gas assets and emphasized the company's strong balance sheet and zero debt [4]. - The company plans to scale operations, execute new drilling programs, and advance carbon sequestration initiatives [4]. Montana Project Timeline - U.S. Energy has an active development program planned for the first half of 2025, focusing on its industrial gas assets in Montana [5][6]. - The company has generated $13.5 million from divesting non-core assets, which will be used for the Montana project and shareholder returns [5]. Shareholder Returns Program - The company has repurchased 1.67 million shares, representing approximately 4.9% of total shares outstanding, as part of its ongoing share repurchase program [8][9]. Reserves Summary - As of year-end 2024, the company's SEC proved reserves were 2.0 MBoe, with 81% classified as oil and 19% as natural gas [24][25].

Core Viewpoint - U.S. Energy Corporation is set to announce its fourth quarter and year-end 2024 financial results on March 13, 2025, before market opening [1] Group 1: Financial Results Announcement - The financial results will be reviewed in a conference call scheduled for March 13, 2025, at 9:00 a.m. ET [2] - A webcast of the conference call will be available on the company's Investor Relations website [2] Group 2: Participation Details - Domestic participants can join the live teleconference at 877-407-3982, while international participants can call 201-493-6780 [3] - A replay of the teleconference will be available until March 27, 2025, with specific numbers for domestic and international listeners [3] Group 3: Company Overview - U.S. Energy Corporation focuses on the development and operation of high-quality energy and industrial gas assets in the U.S. while aiming for low-risk development and attractive shareholder returns [4] - The company is committed to reducing its carbon footprint in its operational areas [4]

Core Viewpoint - U.S. Energy Corporation is set to announce its fourth quarter and year-end 2024 financial results on March 13, 2025, before market opening [1] Group 1: Financial Results Announcement - The company will issue its financial results for Q4 and the full year of 2024 on March 13, 2025 [1] - A conference call is scheduled for the same day at 9:00 a.m. ET to discuss the financial results and recent events [2] - A webcast of the conference call will be available on the company's Investor Relations website [2] Group 2: Company Overview - U.S. Energy Corporation focuses on the development and operation of high-quality energy and industrial gas assets in the U.S. [3] - The company aims for low-risk development while providing attractive returns to shareholders [3] - U.S. Energy is committed to reducing its carbon footprint in its operational areas [3]

Core Viewpoint - U.S. Energy Corp is actively engaging with investors through a presentation at the Emerging Growth Conference, highlighting its focus on growth and high-quality energy assets [1][2][3] Group 1: Company Overview - U.S. Energy Corp is a growth-focused energy company that operates a portfolio of high-quality producing assets in the United States [1][3] - The company aims to optimize production and generate free cash flow through low-risk development while maintaining attractive shareholder returns [3] Group 2: Event Details - The company will present at the Emerging Growth Conference on February 18, 2025, at 12:00 p.m. Eastern Time for a duration of 30 minutes [1][3] - The presentation will include an overview by President and CEO Ryan Smith, followed by a Q&A session with the investment community [2][3] Group 3: Investor Engagement - U.S. Energy invites both individual and institutional investors, as well as advisors and analysts, to participate in the interactive presentation [2] - Questions for the Q&A session can be submitted in advance to enhance engagement with the audience [2]

Core Viewpoint - U.S. Energy Corp. has extended its share repurchase program, allowing for the purchase of up to $5.0 million of its common stock, with approximately $3.8 million remaining for future repurchases, now set to expire on June 30, 2026 [1][2][4]. Share Repurchase Program - The share repurchase program was initially approved in April 2023 and extended in March 2024, reflecting the company's commitment to capital allocation and shareholder value [1][3]. - Since the program's initiation, the company has repurchased 985,000 shares, which is 2.8% of total shares outstanding, at an average price of $1.24 per share [4]. Management Commentary - The CEO emphasized a disciplined capital allocation strategy aimed at enhancing shareholder value through the share repurchase program, which is seen as a tax-efficient method of returning capital to shareholders [3]. Affiliate Share Repurchase - Following a recent underwritten offering, the company repurchased 635,400 shares from affiliates of Sage Road Capital at a price of $2.47775 per share, with these affiliates continuing to hold 6,304,037 shares as of January 29, 2025 [5]. Financial Disclosures - The repurchase program allows for shares to be bought back in the open market or through negotiated transactions, with management having discretion over the timing and pricing of repurchases [8][10]. - All shares repurchased will be retired and returned to treasury [11].

Core Viewpoint - U.S. Energy Corp. successfully closed a public offering of 4,871,400 shares of common stock, raising approximately $12.1 million in net proceeds to fund growth initiatives in industrial gas development [1][2]. Group 1: Offering Details - The public offering price was set at $2.65 per share, which included 635,400 shares sold through the underwriters' over-allotment option [1]. - Roth Capital Partners served as the sole book-running manager, with Johnson Rice & Company and D. Boral Capital acting as co-managers [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated towards growth capital for the company's industrial gas development project, including the establishment of new industrial gas wells and a processing plant [2]. - Proceeds from the over-allotment option may also be used to purchase shares of common stock from Sage Road Capital, LLC, a related party [2]. Group 3: Regulatory Compliance - The offering was conducted under a shelf registration statement on Form S-3, which was filed with the U.S. Securities and Exchange Commission and became effective on September 15, 2022 [4].

Offering Details - U S Energy Corp closed its underwritten public offering of 4 871 400 shares of common stock at $2 65 per share, including 635 400 shares from the over-allotment option, resulting in total net proceeds of approximately $12 1 million [1] Use of Proceeds - The net proceeds will be used to fund growth capital for the industrial gas development project, including new wells and processing plant equipment, and to support upcoming operations [2] - Proceeds from the over-allotment option may be used to purchase shares of common stock from Sage Road Capital, LLC or its affiliates at the net offering price [2] Offering Management - Roth Capital Partners acted as the sole book-running manager, while Johnson Rice & Company and D Boral Capital served as co-managers for the offering [3] - The Loev Law Firm, PC represented the company, and K&L Gates LLP represented the underwriters [3] Registration and Documentation - The offering was made pursuant to a shelf registration statement on Form S-3, including a base prospectus filed with the SEC, which became effective on September 15, 2022 [4] - The prospectus supplement and accompanying base prospectus are available on the SEC's website and can be obtained by contacting Roth Capital Partners [4] Company Overview - U S Energy Corp is a growth company focused on consolidating high-quality assets in the United States, optimizing production, generating free cash flow, and maintaining attractive shareholder returns [6] - The company is committed to reducing its carbon footprint in its operational areas [6]

HOUSTON, Jan. 23, 2025 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQ:USEG, "U.S. Energy" or the "Company"), "U.S. Energy" or the "Company") announced today the closing of its previously announced underwritten public offering of 4,871,400 shares of its common stock, which includes 635,400 shares sold pursuant to the exercise in full by the underwriters of their over-allotment option, par value $0.01 per share, at a public offering price of $2.65 per share, for total net proceeds, after underwriting commissio ...