Update
$US Energy (USEG.US)$ U.S. Energy (USEG) said Monday it closed the acquisition of operated acreage for helium production in the Kevin Dome structure in Toole County, Montana, from Wavetech Helium.
Wavetech will assign roughly 83% of its interests to U.S. Energy for a consideration including $2 million cash, 2.6 million U.S. Energy restricted common shares and additional payments to cover costs attributable to Wavetech's 17.5% interest.
U.S. Energy said it also executed a nonbinding letter of intent with Synergy Offshore to acquire offsetting operated acreage in the area. Synergy Offshore will assign 88% of its interests to U.S. Energy for $2 million cash and 4.8 million U.S. Energy's restricted common shares.
The collective assets comprise control of nearly 164,000 net acres across the Kevin Dome, the company said.
Wavetech will assign roughly 83% of its interests to U.S. Energy for a consideration including $2 million cash, 2.6 million U.S. Energy restricted common shares and additional payments to cover costs attributable to Wavetech's 17.5% interest.
U.S. Energy said it also executed a nonbinding letter of intent with Synergy Offshore to acquire offsetting operated acreage in the area. Synergy Offshore will assign 88% of its interests to U.S. Energy for $2 million cash and 4.8 million U.S. Energy's restricted common shares.
The collective assets comprise control of nearly 164,000 net acres across the Kevin Dome, the company said.
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