US ENERGY CORP

US ENERGY CORP

Previous company name
WESTERN STATES MINING INC
Name change date
12/29/1985
Company Overview
U.S. Energy Corp is a publicly quoted American company which is engaged in the acquisition, exploration, development and marketing of mineral and other properties prospective for hard rock minerals. Its registered corporate headquarters is located in Riverton, Wyoming.
The company has interests in lead, zinc, molybdenum, gold, uranium, and oil and gas properties. Its projects are focused on molybdenum, gold, uranium, and oil and gas properties.
U.S. Energy Corp aims to capitalize on the tremendous opportunities in the commodities markets and to build the company into a growing cash flow entity. The company is listed on the NASDAQ Capital Market under the ticker symbol USEG.
Business Summary
U.S. Energy Corp. acquires and develops oil and gas and other mineral properties. At December 31, 2009, the Company has three operating segments: Oil and gas, real estate, and minerals (including geothermal). The Company is focused on advancing its geothermal properties through exploration and development, and eventual third party funding, sale or joint venture, and advance its molybdenum property by working with its partner, Thompson Creek Metals Company (USA) to develop the Mount Emmons molybdenum project into a operating mine. At December 31, 2009, its estimated proved reserves (approximately 75% oil and 25% natural gas) were 1,086,203 barrel of oil equivalent. Average production during the year ended December 31, 2009, was 443 barrel of oil equivalent per day (220 barrels of oil and 1,337 million cubic feet per day.
Description and history
U.S. Energy Corp. acquires and develops oil and gas and other mineral properties. At December 31, 2009, the Company has three operating segments: Oil and gas, real estate, and minerals (including geothermal). The Company is focused on advancing its geothermal properties through exploration and development, and eventual third party funding, sale or joint venture, and advance its molybdenum property by working with its partner, Thompson Creek Metals Company (USA) to develop the Mount Emmons molybdenum project into a operating mine. At December 31, 2009, its estimated proved reserves (approximately 75% oil and 25% natural gas) were 1,086,203 barrel of oil equivalent. Average production during the year ended December 31, 2009, was 443 barrel of oil equivalent per day (220 barrels of oil and 1,337 million cubic feet per day.

Oil and Gas

As of February 22, 2010, daily production from all of its wells was approximately 700 barrels of oil and 1,780 million cubic feet (995 barrel of oil equivalent per day). Initial production (on a barrel of oil equivalent per day basis) from the six Williston Basin wells was in the range of 85% oil and 15% natural gas. On August 24, 2009, U.S. Energy Corp. entered into a Drilling Participation Agreement (the DPA) with a wholly owned subsidiary of Brigham Exploration Company. The DPA provides for U.S. Energy and Brigham to jointly explore for oil and gas in up to 19,200 gross acres in a portion of Brigham’s Rough Rider prospect in Williams and McKenzie Counties, North Dakota. During 2009, it drilled the six initial wells in the First Group to earn 65% of Brigham’s initial working interest in six 1,280 acre units.

Two wells have been drilled in coastal Louisiana with PetroQuest; one is producing natural gas and oil (it has a 14% working interest and a 9.76% net revenue interest), and the other well drilled with PetroQuest was a dry hole. It has a working interest in a seismic, lease acquisition and drilling program with Yuma (a private company) that covers approximately 88,320 acres in South Louisiana. It has participated with Houston Energy in drilling three wells in Southeast Texas and Louisiana; two are producing (it has 8.5% and 25% working interests (6.23% and 17.625% net revenue interests)) and one well was a dry hole.

Real Estate

The Company has completed construction of a nine building, 216-unit multifamily apartment complex in Gillette, Wyoming. The occupancy rate was 80% at December 31, 2009.

Business Line
Engaged in the acquisition, exploration, development and marketing of mineral and other properties prospective for hard rock minerals
Subsidiary
CRESTED
Advisor
MOSS ADAMS LLP
IPO date
3/26/1990
US SIC Code
1321
Company Address
877, North 8th West

City province or state postal code
82501, RIVERTON, WY
Phone: +1 307 856 9271
Fax: +1 307 857 3050
Country address: UNITED STATES OF AMERICA
Website url: www.usnrg.com/useg