U.S. Energy Corp. Announces Recent Well Results
December 06 2018 - 5:00PM
U.S. Energy Corp. (NASDAQCM: USEG) (“U.S. Energy”
or the “Company”) today announced initial production results from
its recently announced horizontal drilling program on its existing
acreage position targeting the development of the Georgetown
formation in Zavala and Dimmit Counties, Texas. This is the second
participation well for the Company in the development program.
In Zavala County, Texas, the J. Beeler #1H, an
approximate 26,000 foot total measured depth dual-lateral well
targeting the Georgetown formation, averaged approximately 1,255
barrels of oil and 1,016 mcf of natural gas over the well's initial
24 hours on production. This is the Company’s second 2018 well that
has been in line with some of the best wells targeting the
Georgetown formation that have been drilled to date.
Well Name |
|
USEG WI% |
|
Initial 24-Hour Rate |
|
30-Day Rate |
|
90-Day Rate |
J. Beeler #1H |
|
30% |
|
1,424 boepd (87 % oil) |
|
- |
|
- |
Beeler Ranch #1H |
|
6% |
|
1,227 boepd (85 % oil) |
|
915 boepd (85% oil) |
|
820 boepd (87% oil) |
David Veltri, Chairman and CEO of U.S. Energy,
stated, "We are highly encouraged with the results from the J.
Beeler #1H well, the second well in U.S. Energy's previously
announced drilling participation program. The CML Exploration
operated, dual-lateral well in Zavala County continues to
successfully establish highly economic production from the
Georgetown formation over the Company’s acreage position. The
results of the well further confirms the development potential on
the Company's adjacent acreage position in Dimmit County where we
expect up to three additional wells to be drilled during 2019 at a
significant working interest to U.S. Energy. The Company continues
to focus on exploiting opportunities across our legacy acreage
positions while pursuing acquisition opportunities that will
provide a platform for longer term operated growth.”
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 maintaining low levels of leverage.
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
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