This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

U.S. Energy Corp. Reports Third Quarter 2010 Financial Results

RIVERTON, Wyo., Nov. 8, 2010 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (Nasdaq:USEG) ("USE" or the "Company") reported its highlights and financial results for the third quarter ended September 30, 2010. USEG is a natural resources exploration and development company with interests in molybdenum, oil and gas, geothermal, and real estate assets.

Selected Highlights for the Third Quarter and Period Subsequent to September 30, 2010

Production volumes for the third quarter of 2010 were 1,246 barrels of oil equivalent (BOE) per day which is an all time high for quarterly production. Our production was therefore up 427% from 292 BOE per day in the third quarter of 2009 and up 13% from 1,098 BOE in the second quarter of 2010.   Production volumes for the first nine months of 2010 averaged 1,225 barrels of oil equivalent (BOE) per day up 455% from 269 BOE per day in the first nine months of 2009. At September 30, 2010, we had 16 gross (6.03 net) producing wells, up from 3 gross (0.48 net) at September 30, 2009.

The following summarizes our Williston Basin activity during the quarter:

  • Successfully completed wells 10 and 11, the Sedlacek Trust 33-4 #1H and Sukut 28-33 #1H, under our 15 initial well DPA with Brigham in the Williston Basin in North Dakota.  The two wells averaged initial production rates of 2,327 BOE/D during early 24 hour flow back periods;
  • Successfully completed a Three Forks formation test well, the State 36-1 #2H, with an initial production rate of 2,356 BOE/D during an early 24 hour flow back period. Further testing and positive infill results could delineate the potential to drill up to 44 additional Three Forks wells once infill spacing is defined;
  • Drilled initial well 12, the Kalil Farms 14-23 #1H and infill wells Brad Olson #2H and Brad Olson #3H.

Subsequent to quarter end, the Brad Olson #2H, was successfully completed as our first Bakken infill well with an initial production rate of 2,717 BOE/D during an early 24 hour flow back period. The well was monitored with a micro-seismic array to evaluate the frac wing performance and to determine optimal spacing for the remaining well or wells in the unit. If results indicate that additional wells (more than three as currently allowed in this unit) may be required to effectively drain the spacing units, USE's Bakken drilling inventory could increase sequentially from 28 gross additional wells as presently anticipated.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,090.44 -82.24 -0.48%
S&P 500 1,988.29 -6.00 -0.30%
NASDAQ 4,523.2360 -4.4530 -0.10%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs