U.S. Energy Corp. Announces 24% Increase to Year-End 2022 Proved Producing Reserves and Provides Fourth Quarter 2022 Operations Update
21 Febbraio 2023 - 2:00PM
U.S. Energy Corp. (NASDAQ: USEG, “U.S. Energy” or the “Company”), a
growth-focused energy company engaged in operating a portfolio of
high-quality producing assets, today announced its 2022 proved
reserves and provided an update on its fourth quarter 2022
production, year-end balance sheet, and liquidity.
HIGHLIGHTS
- Increased year-end 2022 proved
developed producing (“PDP”) reserves by 24% to 7.8 million barrels
of oil equivalent (“MMBoe”), of which 65% is crude oil, from 6.3
MMBoe at year-end 2021, of which 80% was crude oil:
- Two acquisitions of long-lived producing assets concentrated in
the Gulf Coast and East Texas added approximately 1.6 MMBoe of PDP
reserves since the year-end 2021 report;
- PV-10 of PDP reserves was $173.1 million at SEC pricing,
inclusive of marketing differentials, which averaged $90.67 per
barrel of crude oil $5.71 per MCF of natural gas;
- Grew fourth quarter 2022 average
daily production to 1,918 barrels of oil equivalent per day
(“Boe/d”), representing a 453% increase over fourth quarter 2021
and a 9% increase over third quarter 2022.
- Exited 2022 with debt of $12.0
million and cash of $4.1 million for total liquidity of $12.1
million.
“U.S. Energy was successful in 2022 executing on
our stated acquisition strategy of opportunistically adding
significant reserves while maintaining an excellent balance sheet,”
said Ryan Smith, U.S. Energy’s Chief Executive Officer. “We are
pleased to report strong year-end 2022 proved reserves with our
year-end SEC reserve report, prepared by an independent third
party, showing an increase of 24% in proved producing reserves. We
also achieved record production in the fourth quarter thanks to the
strong efforts of our operational team combined with one-time field
level investments made during the second half of the year to
optimize assets acquired throughout 2022. We look forward to
providing more details on our 2023 capital allocation strategy and
asset base outlook when we report our fourth quarter earnings next
month.”
YEAR-END 2022
PROVED RESERVES VOLUMES: |
|
|
|
|
|
|
|
Net Crude Oil |
|
Net Natural Gas |
|
Total Net Reserves |
|
(MBbls) |
|
(MMcf) |
|
(MBOE) |
Proved Developed
Producing |
5,109 |
|
16,317 |
|
7,828 |
Proved
Non-Producing |
31 |
|
31 |
|
37 |
Total
Proved |
5,140 |
|
16,348 |
|
7,865 |
OPERATIONS AND FINANCIAL UPDATE |
|
|
|
|
|
|
|
|
|
Q4 2021 |
|
Q3 2022 |
Q4 2022 |
|
Y/Y Chg. |
Q/Q Chg. |
Crude Oil
(BBL) |
23,424 |
|
95,429 |
102,361 |
|
337% |
7% |
Natural Gas
(MCF) |
51,028 |
|
394,660 |
444,425 |
|
771% |
13% |
Total
(BOE) |
31,929 |
|
161,205 |
176,432 |
|
453% |
9% |
|
|
|
|
|
|
|
|
Average Daily
Production (Boe/d) |
347 |
|
1,752 |
1,918 |
|
|
|
As of December 31, 2022, the Company had $12.0
million of debt outstanding under its revolving credit facility and
$4.1 million cash on hand. Together with cash on hand and
$8.0 million available on the revolving credit facility, the
Company’s liquidity at year-end was $12.1 million. Further
operating and financial results will be provided and discussed in
U.S. Energy’s fourth quarter earnings call in March 2023.
ABOUT U.S. ENERGY
We are a growth company focused on consolidating
high-quality producing assets in the United States with the
potential to optimize production and generate free cash flow
through low-risk development while maintaining an attractive
shareholder returns program. We are committed to environmental
stewardship and being a leader in reducing our carbon footprint in
the areas in which we operate. More information about U.S. Energy
Corp. can be found at www.usnrg.com.
FORWARD-LOOKING STATEMENTS
Certain of the matters discussed in this
communication which are not statements of historical fact
constitute forward-looking statements within the meaning of the
federal securities laws, including the Private Securities
Litigation Reform Act of 1995, that involve a number of risks and
uncertainties. Words such as “strategy,” “expects,” “continues,”
“plans,” “anticipates,” “believes,” “would,” “will,” “estimates,”
“intends,” “projects,” “goals,” “targets” and other words of
similar meaning are intended to identify forward-looking statements
but are not the exclusive means of identifying these
statements.
Important factors that may cause actual results
and outcomes to differ materially from those contained in such
forward-looking statements include, without limitation, risks
associated with the integration of the recently acquired assets;
the Company’s ability to recognize the expected benefits of the
acquisitions and the risk that the expected benefits and synergies
of the acquisition may not be fully achieved in a timely manner, or
at all; the amount of the costs, fees, expenses and charges related
to the acquisitions; the Company’s ability to comply with the terms
of its senior credit facilities; the ability of the Company to
retain and hire key personnel; the business, economic and political
conditions in the markets in which the Company operates;
fluctuations in oil and natural gas prices, uncertainties inherent
in estimating quantities of oil and natural gas reserves and
projecting future rates of production and timing of development
activities; competition; operating risks; acquisition risks;
liquidity and capital requirements; the effects of governmental
regulation; adverse changes in the market for the Company’s oil and
natural gas production; dependence upon third-party vendors; risks
associated with COVID-19, the global efforts to stop the spread of
COVID-19, potential downturns in the U.S. and global economies due
to COVID-19 and the efforts to stop the spread of the virus, and
COVID-19 in general; economic uncertainty relating to increased
inflation and global conflicts; the lack of capital available on
acceptable terms to finance the Company’s continued growth; and
other risk factors included from time to time in documents U.S.
Energy files with the Securities and Exchange Commission,
including, but not limited to, its Form 10-Ks, Form 10-Qs and Form
8-Ks. Other important factors that may cause actual results and
outcomes to differ materially from those contained in the
forward-looking statements included in this communication are
described in the Company’s publicly filed reports, including, but
not limited to, the Company’s Annual Report on Form 10-K for the
year ended December 31, 2021. These reports and filings are
available at www.sec.gov.
The Company cautions that the foregoing list of
important factors is not complete. All subsequent written and oral
forward-looking statements attributable to the Company or any
person acting on behalf of any Sale Agreement Parties are expressly
qualified in their entirety by the cautionary statements referenced
above. Other unknown or unpredictable factors also could have
material adverse effects on U.S. Energy’s future results. The
forward-looking statements included in this press release are made
only as of the date hereof. U.S. Energy cannot guarantee future
results, levels of activity, performance or achievements.
Accordingly, you should not place undue reliance on these
forward-looking statements. Finally, U.S. Energy undertakes no
obligation to update these statements after the date of this
release, except as required by law, and takes no obligation to
update or correct information prepared by third parties that are
not paid for by U.S. Energy. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements.
INVESTOR RELATIONS CONTACTU.S. Energy
Corp.IR@usnrg.com(303) 993-3200www.usnrg.com
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