U.S. Energy Corp. (ticker: USEG) has multiple working interests with companies in the Bakken and Three Forks formations and throughout Texas and Louisiana. The company produced 50,628 BOE during 2016, and has projected that it will produce approximately 49,885 BOE during the course of 2017.
Source: U.S. Energy Corp.
Bakken/Three-Forks
In the Williston basin, USEG partnered with Brigham Exploration Company to conduct exploratory work in approximately 19,200 acres. The exploratory work was conducted largely in Brigham’s Rough Rider prospect in Williams and McKenzie Counties, North Dakota. The Williston development was scheduled in three groups of units, with USEG taking varying percentages of the working interest.
The company also entered into an agreement with Zavanna, LLC to acquire 35% of Zavanna’s working interests in approximately 6,500 net acres for $10,987,000. The working interests are in assets located in the Yellowstone Prospect and SE HR Prospect.
USEG also participated in drilling two wells operated by Murex Petroleum Corporation, again in the Yellowstone acreage block.
Louisiana and Texas
The company participated with Crimson Exploration Inc. in a 30% working interest in an oil prospect located in Zavala County, Texas—known as the Leona River prospect. The prospect is located in the Eagle Ford shale, in 4,675 contiguous acres with Crimson Exploration acting as the operating interest. USEG later entered into another agreement with Crimson in the Booth Tortuga prospect in Zavala and Dimmit Counties, on a 7,186 acre position.
The company has an interest in two producing wells operated by Houston Energy L.P. USEG also has an interest in three wells operated by PetroQuest (ticker: PQ) on the coast of Louisiana.
Southern Resources Company and USEG also came to an agreement wherein USEG hold a 13.5% working interest in 1,282 gross acres by participating in early well testing and by paying for various seismic, land acquisition and legal costs for a total of $135,000. USEG also participated in the establishment of a producing well as a working interest to Southern Resources.
U.S. Energy Corp. is presenting at EnerCom’s The Oil & Gas Conference® 22
U.S. Energy Corp. will be a presenting company at the upcoming EnerCom conference in Denver, Colorado—The Oil & Gas Conference® 22.
The conference is EnerCom’s 22nd Denver-based oil and gas focused investor conference, bringing together publicly traded E&Ps and oilfield service and technology companies with institutional investors. The conference will be at the Denver Downtown Westin Hotel, August 13-17, 2017. To register for The Oil & Gas Conference® 22 please visit the conference website.
