U.S. Energy Corp. Announces Highest Initial Production Rate Bakken Well To Date In Williston Basin Drilling Program
RIVERTON, Wyo., Jan. 28, 2011 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (Nasdaq:USEG) ("USE" or the "Company"), a natural resources exploration and development company with interests in oil and gas, molybdenum, geothermal, and real estate assets, today provided an update on its oil and gas drilling initiatives in the Williston Basin of North Dakota.
Williston Basin – Bakken / Three Forks Formation
Rough Rider ProspectU.S. Energy Corp. currently has 14 completed wells, 3 wells scheduled for completion in February and one well being drilled in the Williston Basin of North Dakota under the Drilling Participation Agreement ("DPA") with Brigham Exploration Company (Nasdaq:BEXP) ("Brigham" or "BEXP"). To date our average initial production rate for the first 14 wells drilled under the DPA is 2,567 BOED.
- The Lloyd 34-3 #1H, our highest initial production rate Bakken well to date, produced approximately 3,240 barrels of oil and 4.74 MMCF of natural gas or 4,030 BOE/D during an early 24-hour initial flow back period. The well was completed with swell packers and 31 fracture stimulation stages. U.S. Energy's initial working interest in this well is approximately 29% (~23% net revenue interest). Oil sales from this well commenced in early January.
- The Brad Olson 9-16 #3H, Kalil Farms 14-23 #1H and the MacMaster 11-2 #1H wells, are expected to begin completion operations in February. U.S. Energy's initial working interest in these wells is approximately 31% (~25% net revenue interest), 20% (~16% net revenue interest) and 41% (~32% net revenue interest), respectively.
- The Hovde 33-4 #1H well, the 15 th and final initial well under the DPA, is currently drilling in the horizontal portion of the wellbore. This well is currently scheduled to be completed in March. U.S. Energy's initial working interest in the well is approximately 23% (~18% net revenue interest). The Hovde well and unit is a direct offset (to the west) of the Lloyd well and unit.
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