Financial Data and Key Metrics Changes - The company achieved annual net daily production of over 1,700 barrels of oil equivalent per day, marking an increase from the comparable period of 2022 [9] - Total oil and gas sales for Q4 2023 amounted to approximately $7.3 million, reflecting a decrease from $10.4 million in the same period last year, attributed to a 21% reduction in volumes and a 10% reduction in realized prices [25] - The company reported a net loss of $19.8 million in Q4 2023, largely due to an oil and gas impairment expense of $20.2 million [29] - Adjusted EBITDA, excluding the impact of hedges, stood at $1.4 million in Q4 2023, compared to $2.7 million in the same period last year [30] Business Line Data and Key Metrics Changes - Oil production accounted for 63% of total production, with the remainder consisting of an approximately even split of natural gas and NGLs [17] - Lease operating expense for Q4 was approximately $3.1 million, equivalent to $22.38 per BOE, indicating a 28% reduction compared to Q4 2022 [26] Market Data and Key Metrics Changes - The company closed on approximately $7.3 million of asset divestitures during Q4, representing roughly 11% of company production [19] - The company plans to allocate a portion of free cash flow to debt reduction and maintain flexibility to react to market conditions [31] Company Strategy and Development Direction - The company aims to maintain production profiles of existing assets, reduce outstanding debt, and take advantage of organically driven opportunities [13] - The focus remains on operational efficiency, balance sheet discipline, and responsible resource management to drive sustainable value creation [22] - The company is exploring monetizing non-operated properties to realize tangible value amid high borrowing rates and low equity valuations [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the evolving energy landscape, emphasizing the importance of maintaining a steady production profile with minimal capital [14] - The management highlighted the challenges in the A&D market, noting that smaller-scale M&A opportunities have become tougher due to depressed public equity valuations and high borrowing costs [45][48] Other Important Information - The company restarted its $5 million share repurchase program in December 2023, repurchasing nearly 0.5 million shares or approximately 2% of outstanding shares [15] - Cash general and administrative expenses reached approximately $2.2 million for Q4 2023, a decrease from roughly $2.4 million in the same period of 2022 [28] Q&A Session Summary Question: Growth opportunities within the portfolio - Management confirmed that there are higher return opportunities within the existing portfolio compared to external M&A, focusing on maintaining production and funding through cash flow [37][39] Question: Character of the A&D market - Management agreed that the A&D market has slowed, with buyers and sellers not aligning on valuations, particularly affecting smaller-scale transactions [43][45] Question: Strategic alternatives and focus on oil-weighted assets - Management indicated that all options are on the table for strategic alternatives, with a focus on oil-weighted assets due to their understanding and stability compared to gas [53][55] Question: Potential for further reduction in lease operating expenses - Management acknowledged that while there is potential for further reductions in lease operating expenses, much of the significant improvement has already been realized [57][62] Question: Expectations for impairments in 2024 - Management projected potential impairments in Q1 2024, dependent on SEC rolling prices and market conditions [64]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to _______________ Commission File Number 000-06814 U.S. ENERGY CORP. (Exact Name of Company as Specified in its Charter) (State or ...

FOURTH QUARTER 2023 HIGHLIGHTS MANAGEMENT COMMENTS "I am pleased with our team's performance during 2023, efforts which continue advancing the Company's daily goal of unlocking shareholder value," said Ryan Smith, U.S. Energy's Chief Executive Officer. "U.S. Energy's track record of successfully integrating the Company's previous acquisitions has resulted in a more efficient and lower declining asset base today, as shown in the operating results and cost structure of the Company. As a result, U.S. Energy's ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) (Exact Name of Registrant as Specified in its Charter) | Delaware | 83-0205516 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | | 1616 S. Voss Road, Suite 725, Houston, Texas | 77057 | | (Address of principal executive offices) | (Zip Code) | | (346) 509-8734 | | | (Registrant's telephone number, including area code) | | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________________ Commission File Number 000-06814 | Delaware | 83-0205516 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Emp ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________________ Commission File Number 000-06814 (Exact Name of Registrant as Specified in its Charter) | Delaware | 83-0205516 | | --- ...

For the transition period from ________________ to _______________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) For the Fiscal Year Ended December 31, 2022 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 000-06814 U.S. ENERGY CORP. (Exact Name of Company as Specified in its Charter) (State or other jurisdictio ...

U.S. Energy Corp. (NASDAQ:USEG) Q3 2022 Earnings Conference Call November 11, 2022 8:30 AM ET Company Participants Ryan Smith - Chief Executive Officer Conference Call Participants Charles Meade - Johnson Rice Ignacio Bernaldez - EF Hutton Operator Ladies and gentlemen, greetings and welcome to the U.S. Energy Corporation Third Quarter 2022 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, James Master [ph]. Pleas ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 September 30, 2022 For the transition period from _____________ to _____________________ Commission File Number 000-06814 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact Name of Registrant as Specified in its Charter) | Delaware | 83-0205516 | | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________________ Commission File Number 000-06814 Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☐ If an eme ...