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US Energy to Acquire Oil and Gas Producing Properties in East Texas.

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Vincent

MANews-(C)2009-2022

Texas-based US Energy Corp. (NASDAQ: USEG) has entered into an agreement to acquire operated oil and gas producing properties in an all-cash transaction, the company said.

The properties are located in Anderson and Henderson Counties, Texas adjacent to the company's existing assets in the area.

The deal covers the bolt-on acquisition of low-decline, core focus properties in East Texas for USD 11.8m from a private party.

The company said there are an estimated USD 22.7m Proved Developed Producing PV-10 as of June 1, 2022 with estimated reserves of approximately 1.3m barrels of oil equivalent.

April 2022 net production averaged 418 barrels of oil equivalent per day (40% oil, 60% natural gas).

The acquisitions include two pipeline gathering systems and related infrastructure.

As of June 1, 2022, the properties had total estimated Proved Developed Reserves of approximately 1.3m barrels of oil equivalent and had a PV-10 value of approximately USD 22.7m.

The...

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