U.S. Energy Corp. Completes Sale of Oil and Gas Producing Properties

U.S. Energy Corp. (NASDAQ: USEG) announced today the successful completion of the sale of its primarily operated oil and gas producing properties. The transaction, which was finalized on December 31, 2024, involved the sale of these properties to 84 Resources Holdings, LLC for a total consideration of $6.825 million, subject to customary adjustments.

The sale agreement, entered into on December 12, 2024, included all oil and gas leases, wells, surface rights, permits, contracts, and facilities primarily located in Liberty and Henderson Counties, Texas. Following the closing of the transaction, certain adjustments related to the purchase price will be finalized as per the terms of the purchase agreement.

As reported in the Form 8-K filing with the U.S. Securities and Exchange Commission, the Company issued a press release on December 31, 2024, to inform stakeholders of the successful completion of the sale. The press release attached as Exhibit 99.1 to the filing provides additional details regarding this significant transaction.

Moreover, in compliance with reporting requirements, U.S. Energy Corp. also included unaudited pro forma condensed combined financial information related to the transaction in the Form 8-K filing. This information, presented in Exhibit 99.2, includes unaudited pro forma condensed combined balance sheet and statements of operations reflecting the impact of the sale.

The Company indicated that the pro forma financial information covers the nine months ended September 30, 2024, and the year ended December 31, 2023, assuming the sale was completed at the beginning of the presented periods. Additionally, the unaudited pro forma condensed combined balance sheet as of September 30, 2024, was prepared considering the sale and related transactions as of that date.

U.S. Energy Corp. (NASDAQ: USEG) remains committed to providing transparent and comprehensive information to its investors and stakeholders. The successful completion of the sale of its oil and gas producing properties marks a significant milestone for the company’s strategic initiatives moving forward.

This news update is in accordance with the disclosure made by U.S. Energy Corp. in its recent Form 8-K filing with the U.S. Securities and Exchange Commission on December 31, 2024. Interested parties are encouraged to refer to the full text of the filing, including the purchase agreement and related financial information, for detailed insights into the transaction and its impact on the company.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read U.S. Energy’s 8K filing here.

U.S. Energy Company Profile

U.S. Energy Corp., an independent energy company, focuses on the acquisition, exploration, and development of oil and natural gas properties in the United States. It holds interests in various oil and gas properties located in the Rockies region, including Montana, Wyoming, and North Dakota; the Mid-Continent region comprising Oklahoma, Kansas, and North and East Texas; West Texas; South Texas; and the Gulf Coast regions.