Big Law

US Energy Corporation Acquires East Texas Assets

HOUSTON, Nov. 09, 2020 (GLOBE NEWSWIRE) — U.S. Energy Corp. (NASDAQCMUSEG) (“U.S. Energy” or the “Company”) today announced that the Company (through a wholly-owned subsidiary) has entered into a Purchase and Sale Agreement (the “Transaction”) to acquire operated producing assets (the “Properties”) located in Liberty County, Texas in an all-stock transaction.

Acquisition Highlights

  • Proved Developed Reserves estimated at approximately 242,300 barrels of oil.
  • PV-10 estimated at $1.2 million at current strip pricing.
  • 680 net acres in Liberty County, Texas all held by production.
  • Properties average a 100% working interest and 86% net revenue interest.
  • Purchase price $250,000 in U.S. Energy restricted common stock.

Read the source article at Send Press Releases with GlobeNewswire

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