Share Repurchase and Acquisitions - The Company authorized a share repurchase program for up to $5.0 million, scheduled to expire on June 30, 2026[353]. - The Company acquired 82.5% of Wavetech's rights for approximately 144,000 net acres, paying $2.0 million in cash and 2.6 million shares valued at $2.7 million[356]. - The Company aims to enhance stockholder value through strategic acquisitions and by redeploying capital into core focus areas[377]. Divestitures and Asset Management - The Company divested properties for a total of $14.0 million in net proceeds, relieving $5.4 million in asset retirement obligations[360]. - In South Texas, the Company divested assets for approximately $5.2 million, representing 13% of total production in Q1 2024[361]. - In East Texas, the Company sold assets for $6.8 million, averaging 1.1 million cubic feet of natural gas and 168 barrels of oil per day[362]. - The Company recognized a $5.0 million loss on the sale of East Texas properties, which represented 36% of reserve volumes[364]. - The company closed a series of divestitures for total net proceeds of $14.0 million, which were used to repay the credit facility and fund industrial gas property development[412]. Financial Performance - For the year ended December 31, 2024, the company recorded a net loss of $25.8 million, an improvement from a net loss of $32.4 million in 2023[395]. - Total revenue decreased by $11.7 million, or 36%, from $32.3 million in 2023 to $20.6 million in 2024, primarily due to lower production quantities and commodity prices[398]. - Oil production decreased by 35% to 256,166 Bbls, while natural gas production decreased by 31% to 958,325 Mcfe compared to 2023[399]. - Lease operating expenses were $11.2 million, a decrease of 27% from $15.3 million in 2023, with a per BOE increase of 10% to $26.83[400]. - The company experienced a decrease in gathering, transportation, and treating costs by 63% to $205,000 due to divestitures[401]. - Production taxes decreased by 39% to $1.3 million, consistent with the overall revenue decline[402]. - Depreciation, depletion, and amortization (DD&A) was $8.3 million, down from $11.2 million in 2023, with a depletion rate of $19.64 per BOE[403]. - Impairment charges totaled $11.9 million in 2024, compared to $26.7 million in 2023, driven by lower crude oil and natural gas prices and divestments[404]. - The realized price for oil production decreased by 2% to $70.91 per Bbl, while the realized price for natural gas decreased by 10% to $2.56 per Mcfe[398]. Expenses and Cash Flow - General and administrative expenses decreased by $3.3 million, or 29%, from $11.5 million in 2023 to $8.2 million in 2024, primarily due to reduced headcount and non-recurring fees[405]. - Non-operating expenses totaled $(26) thousand in 2024, a decrease of $1.8 million, or 101%, compared to $1.8 million in 2023, driven by a significant drop in commodity derivative gains[407]. - Interest expense decreased as the outstanding balance on the credit facility was reduced from $5.0 million in 2023 to $0.0 million in 2024, with the average interest rate increasing to 9.2%[408][409]. - Cash provided by operating activities decreased by $0.9 million, from $5.5 million in 2023 to $4.6 million in 2024, due to reduced cash receipts from revenues[427]. - Cash provided by investing activities increased by $2.9 million, from $2.8 million in 2023 to $5.8 million in 2024, primarily due to $13.5 million in net proceeds from property sales[428]. - Cash used in financing activities for the year ended December 31, 2024, was $6.0 million, a decrease from $9.4 million in 2023[429]. - Net payments of debt under the credit facility for 2024 amounted to $5.0 million, compared to net payments of borrowings of $7.0 million in 2023[429]. - Amounts paid to repurchase common stock in 2024 were $0.8 million, while dividends paid on common stock in 2023 were $1.2 million[429]. Future Plans and Development - The Company plans to complete two wells and drill two additional new wells targeting an industrial gas zone in the first half of 2025[376]. - The company anticipates spending between $4.0 million and $6.5 million on industrial gas development, including drilling and completing 2 to 4 wells[413]. - The company had cash and equivalents of $7.7 million as of December 31, 2024, an increase of $4.4 million from $3.4 million in 2023[422]. - Total assets decreased by $30.8 million from $80.4 million in 2023 to $49.7 million in 2024[422].

Revenue and Production - U.S. Energy reported total revenue of $20.6 million for 2024, a 36% decrease compared to 2023, with oil sales at $18.2 million and natural gas and liquids sales at $2.5 million[14]. - Average daily production for 2024 was 1,136 Boe/d, down 34% from 2023, with total production of 415,887 Boe[12]. - In the fourth quarter of 2024, revenue was $4.2 million, a 15% decrease from the previous quarter, with oil sales at $3.6 million[21]. - Total revenue for 2024 was $20,619,000, a decrease of 36.5% compared to $32,316,000 in 2023[36]. - Oil revenue decreased to $18,165,000 in 2024 from $28,352,000 in 2023, representing a decline of 35.8%[36]. Financial Performance - Adjusted EBITDA for 2024 was $3.6 million, while the company reported a net loss of $25.8 million due to impairments and asset sales[17]. - Net loss for 2024 was $25,784,000, compared to a net loss of $32,356,000 in 2023, showing an improvement of 20.5%[36]. - Total Adjusted EBITDA decreased to $3,596 thousand in 2024 from $4,884 thousand in 2023, reflecting a decline of approximately 26.3%[41]. - The company reported a basic and diluted loss per share of $0.96 for 2024, an improvement from a loss of $1.28 per share in 2023[36]. Assets and Liabilities - The company ended 2024 with $7.7 million in cash and no outstanding debt, resulting in total liquidity of $27.7 million[5]. - Total current assets increased to $9,724,000 in 2024 from $8,372,000 in 2023, reflecting a growth of 16.2%[34]. - Total assets decreased significantly to $49,667,000 in 2024 from $80,444,000 in 2023, a decline of 38.3%[34]. - Total liabilities decreased to $25,846,000 in 2024 from $33,922,000 in 2023, a reduction of 23.7%[34]. - Cash and equivalents at the end of 2024 were $7,723,000, up from $3,351,000 in 2023, indicating a significant increase of 130.9%[38]. Impairments and Expenses - The company incurred impairment of oil and natural gas properties amounting to $11,918,000 in 2024, down from $26,680,000 in 2023, a decrease of 55.3%[36]. - The company incurred interest expense of $530 thousand in 2024, significantly lower than $1,101 thousand in 2023, representing a decrease of approximately 51.9%[41]. - Non-cash stock-based compensation decreased to $1,268 thousand in 2024 from $2,293 thousand in 2023, a reduction of about 44.5%[41]. - The total adjustments for the year were $29,380 thousand in 2024, compared to $37,240 thousand in 2023, reflecting a decrease of approximately 21.1%[41]. - The unrealized loss on commodity derivatives was $1,844 thousand in 2024, compared to an unrealized gain of $3,538 thousand in 2023[41]. - The company reported a loss on the sale of assets amounting to $4,978 thousand in 2024, with no such loss reported in 2023[41]. - The income tax expense for 2024 was $20 thousand, a significant improvement from an income tax benefit of $1,191 thousand in 2023[41]. - Transaction-related expenses were recorded at $369 thousand in 2024, with no such expenses reported in 2023[41]. Shareholder Activities - The company repurchased 1.67 million shares, representing approximately 4.9% of total shares outstanding, at an average price of $1.73 per share[9]. Future Plans - U.S. Energy plans to initiate development activities for its industrial gas assets in Montana starting April 2025, including drilling new wells and advancing carbon sequestration initiatives[6]. - The company successfully completed a public equity offering in January 2025, raising net proceeds of approximately $12.1 million[8]. Reserves - Year-end 2024 proved reserves were 2.0 MBoe, with a present value of $29.1 million discounted at 10%[24][26].

Core Viewpoint - U.S. Energy Corporation reported significant developments in 2024, focusing on the acquisition and development of industrial gas assets, achieving a strong financial position with zero debt, and planning for sustainable growth in the industrial gas sector [4][6][18]. Full Year 2024 Highlights - Total revenue for 2024 was $20.6 million, a decrease of 36% compared to 2023, with oil sales at $18.2 million and natural gas and liquids sales at $2.5 million [15][18]. - Average daily production was 1,136 Boe/d, down 34% from 2023, with oil production averaging 702 Bbl/d [11][12]. - Lease operating expenses totaled $11.2 million, or $26.83 per Boe, reflecting a 27% decrease from 2023 [16]. - Adjusted EBITDA for 2024 was $3.6 million, with a net loss of $25.8 million, primarily due to asset impairments and losses on asset sales [18][39]. Fourth Quarter 2024 Highlights - Revenue for Q4 2024 was $4.2 million, a 15% decrease from Q3 2024, with oil sales at $3.6 million and natural gas and liquids sales at $0.6 million [21]. - Average daily production in Q4 was 971 Boe/d, down 16% from Q3 2024 [19][20]. - Lease operating expenses for Q4 totaled $1.8 million, or $20.58 per Boe, a significant decrease from Q3 2024 [22]. - Adjusted EBITDA for Q4 was $0.4 million [23]. Management Comments - The CEO emphasized the importance of 2024 as a transformative year, highlighting the acquisition of over 160,000 acres for industrial gas development and the elimination of all outstanding debt [4][6]. - The company plans to scale operations, execute new drilling programs, and advance carbon sequestration initiatives [4][6]. Montana Project Timeline - The company has outlined an active development program for its industrial gas assets in Montana, with initial activities planned for April 2025 [6][13]. - Key activities include the completion of existing wells, drilling new wells, and launching a carbon sequestration business [13]. Shareholder Returns Program - The company has repurchased 1.67 million shares, representing approximately 4.9% of total shares outstanding, as part of its ongoing share repurchase program [9][10]. - The Board of Directors extended the share repurchase program through June 30, 2026, with $3.7 million remaining for future repurchases [10]. Reserves Summary - As of year-end 2024, the company reported SEC proved reserves of 2.0 MBoe, with 81% classified as oil and 19% as natural gas [24][25]. - The present value of the proved reserves, discounted at 10%, was $29.1 million [26]. Financial Statements Overview - The company ended 2024 with $7.7 million in cash and no debt, indicating a strong liquidity position [5][34]. - Total assets decreased to $49.7 million from $80.4 million in 2023, primarily due to asset divestments [34].

Core Insights - U.S. Energy Corporation reported significant developments in 2024, focusing on industrial gas assets and achieving a strong financial position with zero debt [4][5][14]. Full Year 2024 Highlights - Total revenue for 2024 was $20.6 million, a 36% decrease from 2023, with oil sales at $18.2 million and natural gas and liquids sales at $2.5 million [14]. - Average daily production was 1,136 Boe/d, down 34% from 2023, with oil production averaging 702 Bbl/d [10][11]. - Lease operating expenses totaled $11.2 million, or $26.83 per Boe, reflecting a 27% decrease from 2023 [15]. - Adjusted EBITDA for 2024 was $3.6 million, with a net loss of $25.8 million, primarily due to asset impairments and losses on asset sales [17][39]. Fourth Quarter 2024 Highlights - Revenue for Q4 2024 was $4.2 million, a 15% decrease from Q3 2024, with oil sales at $3.6 million and natural gas and liquids sales at $0.6 million [20]. - Average daily production in Q4 was 971 Boe/d, down 16% from Q3 2024 [18][19]. - Lease operating expenses for Q4 totaled $1.8 million, or $20.58 per Boe, a 40% decrease from Q3 2024 [21]. - Adjusted EBITDA for Q4 was $0.4 million [22]. Management Comments - The CEO highlighted the strategic focus on developing newly acquired industrial gas assets and emphasized the company's strong balance sheet and zero debt [4]. - The company plans to scale operations, execute new drilling programs, and advance carbon sequestration initiatives [4]. Montana Project Timeline - U.S. Energy has an active development program planned for the first half of 2025, focusing on its industrial gas assets in Montana [5][6]. - The company has generated $13.5 million from divesting non-core assets, which will be used for the Montana project and shareholder returns [5]. Shareholder Returns Program - The company has repurchased 1.67 million shares, representing approximately 4.9% of total shares outstanding, as part of its ongoing share repurchase program [8][9]. Reserves Summary - As of year-end 2024, the company's SEC proved reserves were 2.0 MBoe, with 81% classified as oil and 19% as natural gas [24][25].

Core Viewpoint - U.S. Energy Corporation is set to announce its fourth quarter and year-end 2024 financial results on March 13, 2025, before market opening [1] Group 1: Financial Results Announcement - The financial results will be reviewed in a conference call scheduled for March 13, 2025, at 9:00 a.m. ET [2] - A webcast of the conference call will be available on the company's Investor Relations website [2] Group 2: Participation Details - Domestic participants can join the live teleconference at 877-407-3982, while international participants can call 201-493-6780 [3] - A replay of the teleconference will be available until March 27, 2025, with specific numbers for domestic and international listeners [3] Group 3: Company Overview - U.S. Energy Corporation focuses on the development and operation of high-quality energy and industrial gas assets in the U.S. while aiming for low-risk development and attractive shareholder returns [4] - The company is committed to reducing its carbon footprint in its operational areas [4]

Core Viewpoint - U.S. Energy Corporation is set to announce its fourth quarter and year-end 2024 financial results on March 13, 2025, before market opening [1] Group 1: Financial Results Announcement - The company will issue its financial results for Q4 and the full year of 2024 on March 13, 2025 [1] - A conference call is scheduled for the same day at 9:00 a.m. ET to discuss the financial results and recent events [2] - A webcast of the conference call will be available on the company's Investor Relations website [2] Group 2: Company Overview - U.S. Energy Corporation focuses on the development and operation of high-quality energy and industrial gas assets in the U.S. [3] - The company aims for low-risk development while providing attractive returns to shareholders [3] - U.S. Energy is committed to reducing its carbon footprint in its operational areas [3]

Core Viewpoint - U.S. Energy Corp is actively engaging with investors through a presentation at the Emerging Growth Conference, highlighting its focus on growth and high-quality energy assets [1][2][3] Group 1: Company Overview - U.S. Energy Corp is a growth-focused energy company that operates a portfolio of high-quality producing assets in the United States [1][3] - The company aims to optimize production and generate free cash flow through low-risk development while maintaining attractive shareholder returns [3] Group 2: Event Details - The company will present at the Emerging Growth Conference on February 18, 2025, at 12:00 p.m. Eastern Time for a duration of 30 minutes [1][3] - The presentation will include an overview by President and CEO Ryan Smith, followed by a Q&A session with the investment community [2][3] Group 3: Investor Engagement - U.S. Energy invites both individual and institutional investors, as well as advisors and analysts, to participate in the interactive presentation [2] - Questions for the Q&A session can be submitted in advance to enhance engagement with the audience [2]

Core Viewpoint - U.S. Energy Corp. has extended its share repurchase program, allowing for the purchase of up to $5.0 million of its common stock, with approximately $3.8 million remaining for future repurchases, now set to expire on June 30, 2026 [1][2][4]. Share Repurchase Program - The share repurchase program was initially approved in April 2023 and extended in March 2024, reflecting the company's commitment to capital allocation and shareholder value [1][3]. - Since the program's initiation, the company has repurchased 985,000 shares, which is 2.8% of total shares outstanding, at an average price of $1.24 per share [4]. Management Commentary - The CEO emphasized a disciplined capital allocation strategy aimed at enhancing shareholder value through the share repurchase program, which is seen as a tax-efficient method of returning capital to shareholders [3]. Affiliate Share Repurchase - Following a recent underwritten offering, the company repurchased 635,400 shares from affiliates of Sage Road Capital at a price of $2.47775 per share, with these affiliates continuing to hold 6,304,037 shares as of January 29, 2025 [5]. Financial Disclosures - The repurchase program allows for shares to be bought back in the open market or through negotiated transactions, with management having discretion over the timing and pricing of repurchases [8][10]. - All shares repurchased will be retired and returned to treasury [11].

Core Viewpoint - U.S. Energy Corp. successfully closed a public offering of 4,871,400 shares of common stock, raising approximately $12.1 million in net proceeds to fund growth initiatives in industrial gas development [1][2]. Group 1: Offering Details - The public offering price was set at $2.65 per share, which included 635,400 shares sold through the underwriters' over-allotment option [1]. - Roth Capital Partners served as the sole book-running manager, with Johnson Rice & Company and D. Boral Capital acting as co-managers [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated towards growth capital for the company's industrial gas development project, including the establishment of new industrial gas wells and a processing plant [2]. - Proceeds from the over-allotment option may also be used to purchase shares of common stock from Sage Road Capital, LLC, a related party [2]. Group 3: Regulatory Compliance - The offering was conducted under a shelf registration statement on Form S-3, which was filed with the U.S. Securities and Exchange Commission and became effective on September 15, 2022 [4].

Offering Details - U S Energy Corp closed its underwritten public offering of 4 871 400 shares of common stock at $2 65 per share, including 635 400 shares from the over-allotment option, resulting in total net proceeds of approximately $12 1 million [1] Use of Proceeds - The net proceeds will be used to fund growth capital for the industrial gas development project, including new wells and processing plant equipment, and to support upcoming operations [2] - Proceeds from the over-allotment option may be used to purchase shares of common stock from Sage Road Capital, LLC or its affiliates at the net offering price [2] Offering Management - Roth Capital Partners acted as the sole book-running manager, while Johnson Rice & Company and D Boral Capital served as co-managers for the offering [3] - The Loev Law Firm, PC represented the company, and K&L Gates LLP represented the underwriters [3] Registration and Documentation - The offering was made pursuant to a shelf registration statement on Form S-3, including a base prospectus filed with the SEC, which became effective on September 15, 2022 [4] - The prospectus supplement and accompanying base prospectus are available on the SEC's website and can be obtained by contacting Roth Capital Partners [4] Company Overview - U S Energy Corp is a growth company focused on consolidating high-quality assets in the United States, optimizing production, generating free cash flow, and maintaining attractive shareholder returns [6] - The company is committed to reducing its carbon footprint in its operational areas [6]