U.S. Energy Corp. Announces Initial Results from Recent Drilling Program
January 12 2018 - 8:30AM
U.S. Energy Corp. (NASDAQ:USEG) (“U.S. Energy” or
the “Company”) today announced initial production results from its
recently announced participation in the horizontal drilling program
on its existing acreage position targeting the development of the
Georgetown formation in Zavala and Dimmit Counties, Texas.
In Zavala County, Texas, the Beeler Ranch #1H,
an approximate 26,000 foot total measured depth dual-lateral well
targeting the Georgetown formation, averaged 1,046 barrels of oil
and 1,085 mcf of natural gas over the well’s initial 24 hours on
production. The well had a flowing tubing pressure of 1,118 psi on
a 22/64” choke. Cumulative production over the first eight
days generated 7,200 Boepd with an 81% oil cut, in line with some
of the upper-tier wells recently completed in the Georgetown
formation. The well was drilled in November and completed
within budget.
David Veltri, Chairman and CEO of U.S. Energy,
stated, “We are extremely pleased with the results from the Beeler
Ranch #1H well, the initial well in U.S. Energy’s previously
announced drilling participation program. The CML Exploration
operated, dual-lateral well in Zavala County successfully
establishes economic production from the Georgetown formation.
Importantly, the success establishes development potential on
the Company’s adjacent acreage position in Dimmit County where up
to four additional wells may be drilled at an increased working
interest for U.S. Energy. Along with our economic North
Dakota assets, U.S. Energy is focused on the development of its
South Texas acreage position targeting the Eagle Ford, Buda, Austin
Chalk and Georgetown formations and is actively pursuing growth
initiatives in the area.”
About U.S. Energy Corp.
We are an independent energy company focused on
the lease acquisition and development of oil and gas producing
properties in the continental United States. Our business is
currently focused in the Williston Basin of North Dakota and South
Texas. We continue to focus on increasing production, reserves, and
cash flow from operations while pro-actively managing our debt
levels. More information about U.S. Energy Corp. can be found at
www.usnrg.com.
Forward-Looking Statements
This press release may include “forward-looking
statements” within the meaning of the securities laws. All
statements other than statements of historical facts included
herein may constitute forward-looking statements. Forward-looking
statements in this document may include statements regarding the
Company’s expectations regarding the Company’s operational,
exploration and development plans; expectations regarding the
nature and amount of the Company’s reserves; and expectations
regarding production, revenues, cash flows and recoveries. When
used in this press release, the words "will," "potential,"
"believe," "estimate," "intend," "expect," "may," "should,"
"anticipate," "could," "plan," "predict," "project," "profile,"
"model," or their negatives, other similar expressions or the
statements that include those words, are intended to identify
forward-looking statements, although not all forward-looking
statements contain such identifying words. Such statements are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond the control of the Company, which may cause
actual results to differ materially from those implied or expressed
by the forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to,
fluctuations in oil and natural gas prices, uncertainties inherent
in estimating quantities of oil and natural gas reserves and
projecting future rates of production and timing of development
activities, competition, operating risks, acquisition risks,
liquidity and capital requirements, the effects of governmental
regulation, adverse changes in the market for the Company’s oil and
natural gas production, dependence upon third-party vendors, and
other risks detailed in the Company’s periodic report filings with
the Securities and Exchange Commission.
Corporate Contact:
U.S. Energy Corp. Ryan SmithChief Financial Officer(303)
993-3200www.usnrg.com
US Energy (NASDAQ:USEG)
Historical Stock Chart
From Aug 2024 to Sep 2024
US Energy (NASDAQ:USEG)
Historical Stock Chart
From Sep 2023 to Sep 2024