U.S. Energy Corp. Extends Participation Agreement with IronHorse
January 04 2017 - 6:33PM
U.S. Energy Corp. (Nasdaq:USEG) (the "Company") announced today,
January 4, 2017 the extension of its exclusive rights to
participate with IronHorse Resources, LLC ("IronHorse") in the
Wattenberg Development Project previously announced. The Company
and IronHorse had entered into an Earnings and Participation
Agreement dated September 14, 2016 (the "Agreement") as to the
purchase of 40% of IronHorse's interest in five Wattenberg farmout
agreements. The Company and IronHorse entered into
a new agreement dated January 3, 2017 extending the time for the
Company to provide satisfactory proof of funding to January 31,
2017. The Company will prepay 23,000 shares of the stock
bonus previously agreed on in cash on or before January 12, 2017.
The Company is currently engaged with a financial institution and
will continue to pursue various options for funding the Company's
projects, including the Wattenberg Development Project with
IronHorse.
The Company remains optimistic about the Wattenberg project
especially with the favorable commodity prices and improving
economics.
About U.S. Energy Corp.U.S.
Energy Corp. is a natural resource exploration and development
company with a primary focus on the exploration and development of
its oil and gas assets. The Company is headquartered in Denver,
Colorado and trades on the NASDAQ Capital Market under the
symbol “USEG”.
Safe Harbor / Forward-Looking
StatementsThis press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 regarding the proposed public offering and the
intended use of proceeds from the offering. The offering is subject
to market and other conditions and there can be no assurance as to
whether or when the offering may be completed or as to the actual
size or terms of the offering. These forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially, including market conditions, risks associated
with the cash requirements of our business and other risks detailed
from time to time in our filings with the Securities and Exchange
Commission, and represent our views only as of the date they are
made and should not be relied upon as representing our views as of
any subsequent date. We do not assume any obligation to update any
forward-looking statements.
Contact:
for U.S. Energy Investor Relations
(303) 993-3200
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