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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.

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