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, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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) | Wyoming | 83-0205516 | | --- ...

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, 2021 ☐ 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 US ENERGY CORP. (Exact Name of Company as Specified in its Charter) Wyoming 83-0205516 (State or ...

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, 2021 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) | Wyoming | | 83-0205516 | | --- | --- | --- | | (State or othe ...

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, 2021 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 The registrant had 4,676,301 shares of its common stock, par value $0.01 per share, outstanding as of August 10, 2021. TABL ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2021 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) | Wyoming | | 83-0205516 | | --- | --- | --- | | (State or othe ...

Part I [Business](index=9&type=section&id=Item%201.%20Business) The company is an independent energy firm acquiring and developing oil and gas properties, recently expanding into operated assets - The company is an independent energy company focused on the acquisition and development of oil and natural gas properties, primarily operating through a non-operator model but **expanded into operated properties in 2020**[43](index=43&type=chunk)[44](index=44&type=chunk) Key Operational and Reserve Data (as of Dec 31, 2020) | Metric | Value | | :--- | :--- | | Estimated Proved Reserves | 1,255,236 BOE (78% oil) | | Standardized Measure Value | $8.6 million | | Gross / Net Acres | 90,136 / 6,064 | | Gross / Net Producing Wells | 134 / 30.7 | | Average Net Production (2020) | 218 BOE per day | - In 2020, the company acquired operated properties in the Williston Basin, Permian Basin, Powder River Basin, and Gulf Coast, which represented **42.6% of the PV-10 value** of its reserves at year-end[49](index=49&type=chunk) - The company's business strategy focuses on disciplined capital deployment, growing production by performing workovers on operated idle wells, and continuously evaluating strategic acquisition opportunities[91](index=91&type=chunk)[94](index=94&type=chunk) - In February 2021, the company raised net proceeds of **$5.3 million** from an underwritten stock offering and in March 2021, it converted **~$413,000 of debt** to equity and hedged 100 barrels of crude oil per day at $61.90[111](index=111&type=chunk)[112](index=112&type=chunk)[114](index=114&type=chunk) [Risk Factors](index=21&type=section&id=Item%201A%20Risk%20Factors) The company faces significant risks from commodity price volatility, capital needs, operational hazards, and regulatory changes - The business is highly sensitive to volatile oil and gas prices, with the COVID-19 pandemic causing a **drastic decline in demand and prices**, adversely affecting revenues[119](index=119&type=chunk)[124](index=124&type=chunk)[126](index=126&type=chunk) - The company may need to raise additional capital for future acquisitions and operations, and failure to do so could force a **scale-back of the business plan**[116](index=116&type=chunk)[117](index=117&type=chunk) - **Material weaknesses in internal control** over financial reporting were identified as of December 31, 2020, related to inadequate segregation of duties[194](index=194&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk) - The company is subject to the full cost accounting "ceiling test," which resulted in a **$2.9 million non-cash write-down** of oil and gas properties in 2020[189](index=189&type=chunk)[192](index=192&type=chunk) - The company's common stock may be **delisted from The Nasdaq Capital Market** if it fails to meet continued listing requirements, such as a minimum $1.00 stock price[215](index=215&type=chunk) - Operations are subject to extensive environmental regulations that can restrict activities and impose **significant compliance costs and liabilities**[203](index=203&type=chunk)[204](index=204&type=chunk)[209](index=209&type=chunk) [Unresolved Staff Comments](index=42&type=section&id=Item%201B%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[234](index=234&type=chunk) [Properties](index=42&type=section&id=Item%202.%20Properties) The company's proved reserves increased due to acquisitions, while 2020 production declined due to shut-ins and natural declines Proved Oil and Natural Gas Reserves (BOE) | Year | Proved Developed | Proved Non-producing | Total Proved Reserves | | :--- | :--- | :--- | :--- | | **2020** | 1,150,368 | 104,868 | 1,255,236 | | **2019** | 995,720 | 0 | 995,720 | | **2018** | 874,260 | 0 | 874,260 | Annual Production Volumes | Year | Oil (Bbls) | Natural Gas (Mcfe) | Total (BOE) | Average (BOE/day) | | :--- | :--- | :--- | :--- | :--- | | **2020** | 60,469 | 116,082 | 79,816 | 218 | | **2019** | 110,090 | 209,518 | 145,010 | 397 | | **2018** | 75,003 | 286,692 | 122,785 | 336 | - The company did not participate in any development or exploratory drilling activities in 2020[247](index=247&type=chunk) - As of December 31, 2020, the company held **90,136 gross (6,064 net) acres**, with the majority being developed and held by production[251](index=251&type=chunk) - The company is in the process of selling a 30,400 square-foot office building and an adjacent 14-acre tract in Riverton, Wyoming[252](index=252&type=chunk) [Legal Proceedings](index=46&type=section&id=Item%203.%20Legal%20Proceedings) The company is contesting an arbitration claim from its former CEO and has resolved prior litigation with a major shareholder - In July 2020, former CEO David Veltri filed a request for arbitration, claiming breach of his employment agreement, which the company is vigorously contesting[423](index=423&type=chunk) - From February 2019 to August 2020, the company was involved in litigation with former CEO David Veltri and its largest shareholder, APEG II, which has since been dismissed[424](index=424&type=chunk) [Mine Safety Disclosures](index=47&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[260](index=260&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=48&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock trades on NASDAQ, no dividends are planned, and all Series A preferred stock was redeemed in 2020 - The company's common stock is traded on the NASDAQ Capital Market under the symbol **"USEG"**[262](index=262&type=chunk) - The company did not pay cash dividends in fiscal 2020 or 2019 and does not intend to in the foreseeable future[265](index=265&type=chunk) - On December 31, 2020, the company **redeemed all 50,000 outstanding shares of Series A preferred stock** by paying $2.0 million in cash and issuing 328,000 shares of common stock[267](index=267&type=chunk) [Selected Financial Data](index=48&type=section&id=Item%206.%20Selected%20Financial%20Data) This item is not required for smaller reporting companies - This Item is not required for smaller reporting companies[268](index=268&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue and production fell sharply in 2020, leading to a significant net loss, though liquidity improved via financing activities Comparison of Operations (2020 vs. 2019) | Metric | 2020 (in thousands) | 2019 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | $2,330 | $6,573 | -65% | | Total Operating Expenses | $7,700 | $7,363 | +5% | | Operating Loss | ($5,370) | ($790) | +580% | | Net Loss | ($6,439) | ($550) | +1071% | - The **65% decrease in revenue** was caused by a 45% decrease in production quantities and a 37% decrease in the average oil sales price[293](index=293&type=chunk) - The company recorded a **$2.9 million impairment** of oil and natural gas properties in 2020 due to the full cost ceiling limitation[298](index=298&type=chunk) - General and administrative expenses **decreased by 40% to $2.6 million**, mainly due to a $1.7 million reduction in professional fees[298](index=298&type=chunk) Cash Flow Summary (in thousands) | Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net cash (used in) provided by Operating Activities | ($717) | $638 | | Net cash used in Investing Activities | ($1,109) | ($281) | | Net cash provided by (used in) Financing Activities | $3,148 | ($1,165) | - Working capital surplus **increased by $1.0 million to $2.5 million** at year-end 2020, primarily due to $4.5 million in proceeds from common stock offerings[309](index=309&type=chunk) [Financial Statements and Supplementary Data](index=56&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents audited financial statements, with the auditor's report highlighting three critical audit matters - The independent auditor, Plante & Moran, PLLC, issued an **unqualified opinion** on the financial statements[343](index=343&type=chunk) - The audit identified **three critical audit matters**: 1) Impact of proved reserve estimates on property valuation, 2) Assessment of unevaluated properties, and 3) Accounting for property acquisitions[349](index=349&type=chunk)[352](index=352&type=chunk)[354](index=354&type=chunk) Consolidated Balance Sheet Highlights (as of Dec 31, in thousands) | Account | 2020 | 2019 | | :--- | :--- | :--- | | Cash and equivalents | $2,854 | $1,532 | | Net oil and natural gas properties | $7,438 | $8,454 | | Total Assets | $12,363 | $13,467 | | Total Liabilities | $3,796 | $2,257 | | Total Shareholders' Equity | $8,567 | $9,210 | - Supplemental disclosures show a standardized measure of discounted future net cash flows from proved reserves of **$8.6 million** at year-end 2020, down from $10.3 million at year-end 2019[470](index=470&type=chunk) - Subsequent to year-end, the company completed a **$5.3 million stock offering**, converted $413k in debt to equity, and entered a new hedging contract[472](index=472&type=chunk)[473](index=473&type=chunk)[475](index=475&type=chunk)[476](index=476&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=57&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants - None[322](index=322&type=chunk) [Controls and Procedures](index=57&type=section&id=Item%209A%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective due to two material weaknesses in internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were **not effective** as of December 31, 2020[324](index=324&type=chunk) - **Two material weaknesses** were identified in internal control over financial reporting: 1) Inadequate segregation of duties due to limited staff, and 2) Inadequate segregation of duties for system access[327](index=327&type=chunk) - As a smaller reporting company, an **attestation report from the independent registered public accounting firm is not included**[330](index=330&type=chunk) [Other Information](index=58&type=section&id=Item%209B%20Other%20Information) The company reports no other information under this item - None[331](index=331&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=59&type=section&id=Item%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) Information is incorporated by reference from the company's 2021 Proxy Statement - Information required by this item will be **incorporated by reference** from the company's 2021 Proxy Statement[335](index=335&type=chunk) [Executive Compensation](index=59&type=section&id=Item%2011.%20Executive%20Compensation) Information is incorporated by reference from the company's 2021 Proxy Statement - Information required by this item will be **incorporated by reference** from the company's 2021 Proxy Statement[336](index=336&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=59&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information is incorporated by reference from the company's 2021 Proxy Statement - Information required by this item will be **incorporated by reference** from the company's 2021 Proxy Statement[337](index=337&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=59&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Information is incorporated by reference from the company's 2021 Proxy Statement - Information required by this item will be **incorporated by reference** from the company's 2021 Proxy Statement[338](index=338&type=chunk) [Principal Accounting Fees and Services](index=59&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information is incorporated by reference from the company's 2021 Proxy Statement - Information required by this item will be **incorporated by reference** from the company's 2021 Proxy Statement[339](index=339&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=92&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements from Item 8 and all exhibits filed with or incorporated into the Form 10-K - This section lists the financial statements contained in Item 8 and all exhibits filed with the report[478](index=478&type=chunk)[479](index=479&type=chunk) - Filed exhibits include the Consent of the Independent Registered Public Accounting Firm and the Consent of the Reserve Engineer[479](index=479&type=chunk) - The Reserve Report Summary from Don Jacks, PE is filed as **Exhibit 99.1**[479](index=479&type=chunk) [Form 10-K Summary](index=94&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no summary under this item - None[483](index=483&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the Quarterly Period Ended September 30, 2020 [ ] 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 Registrant as Specified in its Charter) | Wyoming | 83-0205516 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | | 675 Bering Dr, Suite 100, H ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended June 30, 2020 [ ] 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 Registrant as Specified in its Charter) | Wyoming | 83-0205516 | | --- | --- | | (State o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended March 31, 2020 [ ] 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 Registrant as Specified in its Charter) | Wyoming | 83-0205516 | | --- | --- | | (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION U.S. ENERGY CORP. (Exact Name of Company as Specified in its Charter) Washington, D.C. 20549 FORM 10-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2019 [ ] 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 Wyoming 83-0205516 (State or other jurisdiction of incor ...