U.S. Energy Corp. Announces Transformative Acquisition Targeting Helium Production
U.S. Energy Corp. Announces Transformative Acquisition Targeting Helium Production
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 acquire offsetting operated acreage (the "SOG Asset"), forming a largely contiguous acreage position across the Kevin Dome of approximately 164,000 net acres, as discussed in greater detail below (collectively the "Assets").
休斯頓,2024年7月1日(GLOBE NEWSWIRE)——美國能源公司(納斯達克股票代碼:USEG,“美國能源” 或 “公司”)今天宣佈,該公司已完成與Wavetech Helium Inc(“Wavetech” 或 “WT”)的交易(“協議”),收購蒙大拿州圖爾縣凱文·多姆結構中以氦氣生產爲目標的運營面積(“WT資產”))。此外,公司還與Synergy Offshore, LLC(“Synergy” 或 “SOG”)簽訂了一份不具約束力的意向書(“LOI”),以收購抵消運營面積(“SOG資產”),在凱文巨蛋中形成了約16.4萬英畝的連續土地頭寸,詳情見下文(統稱 “資產”)。
HIGHLIGHTS
亮點
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Closed Wavetech Agreement on June 26, 2024. The WT Asset includes:
Approximately 140,000 net acres.
Multiple prospective helium pay zones consisting primarily of inert nitrogen and carbon dioxide heavy zones.
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2024 年 6 月 26 日簽署了 Wavetech 協議。WT 資產包括:
淨面積約爲 140,000 英畝。
多個潛在的氦氣支付區主要由惰性氮氣和二氧化碳重區組成。
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Executed Synergy LOI on June 25, 2024. The SOG Asset includes:
Approximately 24,000 net acres, highly contiguous to Wavetech acreage.
Multiple prospective helium pay zones, initially targeting carbon dioxide heavy zones.
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2024 年 6 月 25 日執行了 Synergy LOI。SOG 資產包括:
淨面積約爲24,000英畝,與Wavetech的土地高度毗鄰。
多個潛在的氦氣支付區,最初的目標是二氧化碳密集區。
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Planned and permitted two upcoming drilling locations on WT Asset.
Wells expected to be spud in late July and early August 2024.
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計劃並允許在WT Asset上進行兩個即將到來的鑽探地點。
預計油井將在2024年7月下旬和8月初開工。
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Industry leading low environmental footprint through the production of non-hydrocarbon helium.
Initiation of carbon sequestration business significantly expands opportunity.
Company development plans are highly aligned with local, state, and federal legislation.
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通過生產非碳氫化合物氦氣,實現行業領先的低環境足跡。
碳封存業務的啓動極大地擴大了機會。
公司發展計劃與地方、州和聯邦立法高度一致。
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Transactions are structured to minimize existing dilution while maintaining current attractive leverage profile.
The Company does not anticipate raising outside capital to execute on this asset move, with cash on hand, cash flow, and anticipated proceeds from non-core asset sales expected to fund considerations and near-term development.
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交易結構旨在最大限度地減少現有稀釋,同時保持當前誘人的槓桿率。
公司預計不會籌集外部資本來執行此次資產轉移,手頭現金、現金流和非核心資產出售的預期收益預計將爲考慮和短期開發提供資金。
Upcoming investor call to further discuss the transactions is scheduled for Wednesday, July 10, 2024 at 10:00 a.m. ET/9:00 a.m. CT, details below.
即將舉行的投資者電話會議定於美國東部時間2024年7月10日星期三上午10點/美國東部時間上午9點舉行,以進一步討論這些交易,詳情如下。
MANAGEMENT COMMENTARY
管理評論
"With U.S. Energy's acquisition of the Wavetech assets covering a vast resource position across Montana's Kevin Dome structure, the Company believes that it has positioned itself to exploit what we anticipate will be a transformational resource and economic opportunity in an area with which we have a longstanding community footprint," said Ryan Smith, U.S. Energy's Chief Executive Officer, who continued, "Simply put, we believe the Kevin Dome structure holds tremendous overall resource potential and full-cycle helium economics competitive with any location in North America. We also believe in future acquisition opportunities across the structure that highly complement this acquisition, as evidenced by U.S. Energy's letter of intent to acquire an additional position which is highly contiguous to the acquired assets. Together, as U.S. Energy begins development, these positions are expected to drive valuable cost synergies, flexible planning capabilities, and continued balance sheet strength."
美國能源公司首席執行官瑞安·史密斯說:“隨着美國能源公司收購了涵蓋蒙大拿州凱文·多姆結構中龐大資源狀況的Wavetech資產,該公司認爲自己已做好準備,可以在我們擁有長期社區足跡的領域利用我們預期的轉型資源和經濟機會,” 他繼續說,“簡而言之,我們相信凱文·多姆結構擁有巨大的整體資源潛力和全週期氦氣。在任何地方都具有經濟競爭力北美。我們還相信,整個結構中未來的收購機會將大大補充本次收購,美國能源公司收購與收購資產高度毗鄰的額外頭寸的意向書就證明了這一點。隨着美國能源開始發展,這些職位將共同推動寶貴的成本協同效應、靈活的規劃能力和持續的資產負債表實力。”
Mr. Smith continued, "While the most recent global helium shortage has eased in recent months, the world continues to struggle with supporting the growing helium needs of the aerospace, semi-conductor, and medical industries as well as the major risks to other global sources of helium. Issues ranging from global shipping disruptions to trade restrictions that impact foreign supply highlight the importance of reliable, clean helium that is domestically sourced. We expect to begin operations in the near term, with U.S. Energy currently scheduled to begin drilling two wells on the acquired acreage, with expected start dates in late July and early August 2024. Throughout this process, our geoscience and reservoir engineering has been focused on development optimization and resource management and we expect that this initial drilling will result in significant proved resource conversion with highly compelling economics.
史密斯繼續說:“儘管最近幾個月全球氦氣短缺有所緩解,但世界仍在努力支持航空航天、半導體和醫療行業不斷增長的氦氣需求以及其他全球氦氣來源面臨的主要風險。從全球航運中斷到影響國外供應的貿易限制,各種問題都凸顯了來自國內的可靠、清潔氦氣的重要性。我們預計將在短期內開始運營,美國能源公司目前計劃在收購的土地上開始鑽探兩口井,預計開工日期爲2024年7月下旬和8月初。在整個過程中,我們的地球科學和儲層工程一直專注於開發優化和資源管理,我們預計,初次鑽探將帶來顯著的已探明資源轉換,並具有極具吸引力的經濟效益。
"Across the vast asset base that U.S. Energy now controls, we expect to produce helium from multiple underground zones consisting primarily of both inert nitrogen and carbon dioxide. To that end, U.S. Energy is pleased to have initiated our new carbon sequestration business and have begun the planning and permitting phase where we intend to utilize U.S. Energy-owned infrastructure to sequester carbon. Greening the global helium production process while supporting recent state and federal legislation to do so is a win for all stakeholders, and we plan to pursue that strategy."
“在美國能源公司現在控制的龐大資產基礎中,我們預計將從主要由惰性氮氣和二氧化碳組成的多個地下區域生產氦氣。爲此,美國能源公司很高興啓動了新的碳封存業務,並已開始規劃和許可階段,我們打算利用美國能源自有基礎設施來封存碳。綠化全球氦氣生產流程,同時支持最近的州和聯邦立法,這對所有利益相關者來說都是一個勝利,我們計劃推行這一戰略。”
"In closing, we are delighted to work with our new partners moving forward, the state of Montana, and all of U.S. Energy's stakeholders, to work to effectuate this transformational transaction which we believe creates a unique and powerful platform that will drive value creation. We look forward to further updating the market in the coming weeks on our scheduled investor call," said Mr. Smith.
“最後,我們很高興與未來的新合作伙伴,蒙大拿州以及美國能源的所有利益相關者合作,共同努力實現這項變革性交易,我們相信這將創造一個獨特而強大的平台,推動價值創造。我們期待在未來幾周內通過預定的投資者電話會議進一步了解市場的最新情況。” 史密斯說。
OVERVIEW OF ASSETS
資產概述
The collective Assets comprise control of approximately 164,000 net acres across the Kevin Dome, a significant geological structure which has historically been a robust area for resource extraction. The Assets are highly contiguous and complimentary, and the area has seen recent successes with wells drilled for helium in multiple formations primarily consisting of inert nitrogen and carbon dioxide. The vast majority of the Assets are located on fee acreage, with a non-material amount on federal lands. We expect to go into further geologic and technical detail on our upcoming investor call.
集體資產包括對凱文巨蛋約16.4萬英畝淨土地的控制權,凱文巨蛋是一個重要的地質結構,歷史上一直是資源開採的強大區域。這些資產具有高度連續性和互補性,該地區最近取得了成功,在多個地層中鑽探氦氣井,主要由惰性氮氣和二氧化碳組成。絕大多數資產位於收費土地上,非物質金額位於聯邦土地上。我們預計將在即將舉行的投資者電話會議上進一步介紹地質和技術細節。
Acreage Summary |
種植面積摘要 |
Asset |
Net Acres |
|
Wavetech: |
140,000* |
|
Synergy: |
24,000** |
資產 |
淨英畝 |
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Wavetech: |
140,000* |
|
協同作用: |
24,000** |
* Acquired June 26, 2024.
** Subject to letter of intent.
* 於 2024 年 6 月 26 日獲得。
** 以意向書爲準。
Wavetech Asset:
Wavetech 資產:
The WT Asset covers 140,000 net acres spanning the majority of the economically targeted positions across the Kevin Dome. While the initial primary targeted helium pay zone beneath the acreage will be the Flathead Sandstone, which we believe contains nitrogen dominated gas systems with recent data points of highly economic helium concentrations, we are optimistic about the testing of further helium pay zones across the Asset. Results from the two wells being drilled in late July and early August 2024 by U.S. Energy are expected to provide insight into the helium concentrations of other pay zones across the Asset.
WT資產淨佔地14萬英畝,涵蓋凱文巨蛋的大部分經濟目標陣地。儘管該英畝下方最初的主要目標氦氣支付區將是弗拉特黑德砂岩,我們認爲該地區包含以氮爲主的氣體系統,最近的數據點爲高度經濟的氦氣濃度,但我們對在整個資產中測試更多的氦氣支付區持樂觀態度。美國能源公司於2024年7月下旬和8月初鑽探的兩口油井的結果預計將使人們深入了解該資產其他薪酬區的氦氣濃度。
Synergy Asset:
協同資產:
The SOG Asset, covering 24,000 net acres, is positioned atop the center of the Kevin Dome structure. The initially targeted helium pay zone beneath the acreage is the Duperow, which contains carbon dioxide dominated gas systems with recent data points of highly economic helium concentrations. Additionally, U.S. Energy would be acquiring an active well within the SOG Asset with recent gas analysis showing highly economic helium concentrations being produced from the Duperow zone. Additionally, U.S. Energy expects its carbon sequestration focus to initially focus on the SOG Asset. The company anticipates initiating activity in 2024 with the drilling of additional evaluation wells.
SOG資產淨佔地24,000英畝,位於凱文·多姆建築的中心。該地區下方最初的目標氦氣支付區是Duperow,它包含以二氧化碳爲主的氣體系統,最近的數據點是氦氣濃度非常經濟。此外,美國能源公司將收購SOG資產內的一口活躍油井,最近的天然氣分析顯示,從Duperow區域產生的氦氣濃度非常經濟。此外,美國能源公司預計,其碳封存重點最初將集中在SOG資產上。該公司預計,隨着更多評估井的鑽探,將於2024年開始活動。
Synergy is controlled by Mr. Duane H. King, a member of the Board of Directors of U.S. Energy, who serves as the Chief Executive Officer and Manager of Synergy, and John A. Weinzierl, U.S. Energy's Chairman, is an approximate thirty percent beneficial owner of Synergy. The Synergy acquisition is subject to U.S. Energy coming to agreement with Synergy on definitive agreements and terms, shareholder approval of the issuance of shares of common stock to Synergy in the transaction, and other customary conditions to closing, and we cannot estimate the expected closing date of such acquisition. The acquisition of the SOG Asset may not close on a timely basis, on the terms set forth below, or at all.
Synergy由美國能源董事會成員杜安·金先生控制,他是Synergy的首席執行官兼經理,而美國能源董事長約翰·溫齊爾是Synergy大約百分之三十的受益所有人。Synergy的收購取決於美國能源與Synergy就最終協議和條款達成協議,股東批准在交易中向Synergy發行普通股,以及其他慣例條件才能完成,我們無法估計此類收購的預期截止日期。對SOG資產的收購可能無法按下述條款及時完成,也可能根本無法完成。
TRANSACTION CONSIDERATION DETAILS
交易對價詳情
Wavetech Consideration:
Wavetech 注意事項:
Under the terms of the Agreement, Wavetech will assign to U.S. Energy 82.5% of their interests in the WT Asset for the following consideration:
根據協議條款,Wavetech將把WT資產中82.5%的權益轉讓給美國能源公司,用於以下對價:
$2.0mm in cash.
2,600,000 shares of U.S. Energy restricted common stock.
$20.0mm carried working interest for which U.S. Energy commits to pay Wavetech's exploration, drilling, and completion costs attributable to Wavetech's 17.5% retained working interest.
200 萬美元現金。
2,600,000股美國能源限制性普通股。
2,000萬美元的附帶工作權益,美國能源公司承諾爲此支付Wavetech的勘探、鑽探和完工費用,這歸因於Wavetech保留的17.5%的營運權益。
Synergy Consideration:
協同注意事項:
Under the terms of the LOI, SOG will assign to U.S. Energy 87.5% of their interests in the SOG Asset for the following consideration:
根據意向書的條款,SOG將把其在SOG資產中的87.5%的權益轉讓給美國能源公司,用於以下對價:
$2.0mm in cash.
4,845,900 shares of U.S. Energy restricted common stock.
Warrants to purchase 6,250,000 shares of USEG common stock (at $0.01 per share), contingent on achieving future helium sales.
$12.5mm carried working interest for which U.S. Energy commits to pay Synergy's exploration, drilling, and completion costs attributable to Synergy's 12.5% retained working interest.
18.0% of future amounts realized by U.S. Energy in connection with tax credits obtained for carbon sequestration.
An Area of Mutual Interest (the "SOG AMI") under which Synergy will have the right to participate for its proportionate interest of 12.5% in any new leases.
200 萬美元現金。
4,845,900股美國能源限制性普通股。
購買6,25萬股USEG普通股(每股0.01美元)的認股權證,視未來氦氣銷售的實現情況而定。
12.5萬美元的附帶工作權益,美國能源公司承諾支付Synergy的勘探、鑽探和完工費用,這歸因於Synergy的12.5%的保留工作權益。
美國能源公司未來實現的與碳封存稅收抵免相關的金額的18.0%。
共同利益領域(“SOG AMI”),根據該區域,Synergy將有權以其12.5%的比例權益參與任何新租約。
UPCOMING DRILLING AND DEVELOPMENT CATALYSTS
即將推出的鑽探和開發催化劑
U.S. Energy plans to drill and complete two wells beginning in late July on the Wavetech Asset. The locations are permitted and prepared, and the Company expects to encounter and test multiple pay zones across the Duperow, Souris River and Flathead Sands formations. These multi-zone tests will further delineate our internal reserve evaluation and allow for near term 3rd party reserve bookings. The two wells are expected to cost $1.4mm each.
美國能源計劃從7月下旬開始在Wavetech資產上鑽探並完成兩口油井。這些地點已獲准並已準備就緒,公司預計將在杜珀羅、蘇里斯河和弗拉特黑德金沙地層中遇到和測試多個薪酬區。這些多區域測試將進一步描述我們的內部儲備評估,並允許在短期內進行第三方儲備預訂。預計這兩口油井每口耗資140萬美元。
ADVISORS
顧問們
Roth Capital Partners and Johnson Rice & Company LLC are acting as advisors to U.S. Energy.
羅斯資本合夥人和強生賴斯有限責任公司擔任美國能源公司的顧問。
UPCOMING INVESTOR CALL
即將舉行的投資者電話會議
A conference call will be held Wednesday, July 10, 2024, at 10:00 a.m. ET/9:00 a.m. CT to discuss the recent acquisition and letter of intent and conduct a question-and-answer session.
電話會議將於美國東部時間2024年7月10日星期三上午10點/美國東部時間上午9點舉行,討論最近的收購和意向書,並進行問答環節。