U.S. Energy Corporation (NASDAQ:USEG, "U.S. Energy" or the "Company"))))) a growth-focused company engaged in the operation and development of high-quality producing energy assets, today announced a series of transformational developments and balance sheet updates.
HIGHLIGHTS
- Recently repaid the entire outstanding balance of credit facility, leaving the Company debt-free.
- Commenced Kevin Dome development program in Northwest Montana.
- 3rd party contingent and prospective resource report with mid-point Helium estimates of 23.7 BCF and 13.3 BCF, respectively (see table below).
- 3rd party legacy hydrocarbon reserve report of 3.5 Mmboe (100% PDP and 62% oil) and a PV-10 of $50.9 million (see table below).
- Active share repurchase program with 0.8 million shares, or approximately 3% of outstanding shares, repurchased to date.
- Available liquidity of approximately $22.0 million.