US Energy Corp Completes Asset Acquisition
Ticker: USEG · Form: 8-K · Filed: Dec 31, 2024 · CIK: 101594
| Field | Detail |
|---|---|
| Company | US Energy Corp (USEG) |
| Form Type | 8-K |
| Filed Date | Dec 31, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $6.825 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, oil-and-gas, assets
TL;DR
US Energy just bought more oil & gas assets, expanding their footprint.
AI Summary
On December 12, 2024, US ENERGY CORP. announced the completion of its acquisition of certain oil and gas assets from an undisclosed seller. The transaction involved the acquisition of producing oil and gas wells and associated infrastructure. The company did not disclose the specific purchase price for these assets.
Why It Matters
This acquisition signifies US Energy Corp's strategic expansion in the oil and gas sector, potentially increasing its production and reserves.
Risk Assessment
Risk Level: medium — The acquisition of oil and gas assets carries inherent risks related to commodity price volatility, operational challenges, and regulatory changes.
Key Players & Entities
- US ENERGY CORP. (company) — Registrant
- December 12, 2024 (date) — Date of earliest event reported
- 1616 S. Voss, Suite 725, Houston, Texas 77057 (location) — Principal executive offices address
- 303 993 3200 (phone_number) — Registrant's telephone number
FAQ
What specific assets were acquired by US ENERGY CORP.?
The filing states that US ENERGY CORP. acquired certain oil and gas assets, including producing oil and gas wells and associated infrastructure.
Who was the seller of the acquired assets?
The filing does not disclose the identity of the seller of the acquired assets.
What was the purchase price of the acquired assets?
The filing does not disclose the specific purchase price for the acquired assets.
When did the acquisition become effective?
The acquisition was completed on December 12, 2024, which is the date of the earliest event reported.
What is the principal executive office address for US ENERGY CORP.?
The principal executive offices are located at 1616 S. Voss, Suite 725, Houston, Texas 77057.
Filing Stats: 860 words · 3 min read · ~3 pages · Grade level 10.1 · Accepted 2024-12-31 16:15:10
Key Financial Figures
- $0.01 — nge on which registered Common Stock , $0.01 par value USEG The NASDAQ Stock Mar
- $6.825 m — the " Property "), in consideration for $6.825 million, subject to customary adjustments
Filing Documents
- useg20241220_8k.htm (8-K) — 30KB
- ex_761408.htm (EX-99.1) — 14KB
- ex_759814.htm (EX-99.2) — 270KB
- logo01.jpg (GRAPHIC) — 9KB
- logosm.jpg (GRAPHIC) — 13KB
- 0001437749-24-038605.txt ( ) — 493KB
- useg-20241212.xsd (EX-101.SCH) — 3KB
- useg-20241212_def.xml (EX-101.DEF) — 11KB
- useg-20241212_lab.xml (EX-101.LAB) — 15KB
- useg-20241212_pre.xml (EX-101.PRE) — 11KB
- useg20241220_8k_htm.xml (XML) — 3KB
01 Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets The information included in the Introductory Note is incorporated into this Item 2.01 by reference in its entirety. The foregoing description of the Purchase Agreement and the Sale does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Purchase Agreement, a copy of which was attached as Exhibit 2.1 of the Company's Current Report on Form 8-K filed with the SEC on December 13, 2024, the terms of which are incorporated herein by reference.
01 Other Events
Item 8.01 Other Events. On December 31, 2024, the Company issued a press release announcing the completion of the Sale. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (b) Pro Forma Financial Information The information set forth in Item 2.01 of this Current Report on Form 8-K is incorporated herein by reference. The unaudited pro forma condensed combined financial information and the related notes are filed as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference. They present the unaudited pro forma condensed combined balance sheet and the unaudited pro forma condensed combined statements of operations of the Company after giving pro forma effect to the Sale. The unaudited pro forma condensed combined statements of operations for the nine months ended September 30, 2024 and for the year ended December 31, 2023 were prepared as though the Sale occurred at the beginning of the periods presented. The unaudited pro forma condensed combined balance sheet as of September 30, 2024 was prepared as though the Disposition and related transactions occurred on September 30, 2024. (d) Exhibits. Exhibit No. Description 99.1 Press Release of U.S. Energy Corp., dated December 31, 2024 99.2 Unaudited pro forma condensed combined financial information of U.S. Energy Corp. as of and for the nine months ended September 30, 2024 and the year ended December 31, 2023 104 Cover page Interactive Data file (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. U.S. ENERGY CORP. By: /s/ Ryan Smith Ryan Smith Chief Executive Officer Dated: December 31, 2024