Excerpt..
HOUSTON, Oct. 15, 2019 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (NASDAQCM: USEG) (“we” “U.S. Energy” or the “Company”) today announced financial and operating results for the first and second quarters ended March 31, 2019 and June 30, 2019, respectively.
Second Quarter 2019 Highlights
- Production of 39,410 barrels of oil equivalent (“BOE”), or daily production of 433 barrels of oil equivalent per day (“BOEPD”) (75% oil);
- Oil and gas revenues of $1.9 million;
- Lease operating expenses of $0.5 million;
- Production taxes of $0.1 million;
- Mid-year 2019 reserves of 843,673 BOE (86% oil);
- Mid-year 2019 standardized measure of discounted future net cash flows relating to the Company’s proved oil and natural gas reserves value of $10.9 million; and
- Mid-year 2019 PV-10 (non-GAAP) of $12.7 million.
First Quarter 2019 Highlights
- Production of 34,229 BOE, or daily production of 380 BOEPD (74% oil);
- Oil and gas revenues of $1.6 million;
- Lease operating expenses of $0.5 million; and
- Production taxes of $0.1 million.
Current Liquidity Position
As of October 10, 2019, we had $1.7 million in cash, no outstanding debt and 13,405,838 shares outstanding.