This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

U.S. Energy Corp. Announces $32.5 Million 2013 Capital Expenditure Budget

Stocks in this article: USEG

Announces $27.1 Million Oil and Gas CAPEX Budget

Announces $5.4 Million CAPEX Budget for the Mount Emmons Molybdenum Project

Provides Oil and Gas Operational Update

RIVERTON, Wyo., Jan. 7, 2013 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (Nasdaq:USEG) (the "Company"), today reported its 2013 Oil and Gas and Mount Emmons Capital Expenditure budgets and provided an operational update on its oil and gas initiatives.

Oil and Gas:

In December 2012 the Company's Board of Directors approved a $27.1 million oil and gas capital expenditure budget for 2013. The Company has allocated an estimated $7.1 million to be spent in the Williston Basin of North Dakota under its three current drilling programs. This amount is subject to upward adjustment depending on the pace of development with operators other than Brigham and Zavanna. Additionally, the Company has budgeted $20.0 million for the acquisition of producing properties with associated proven reserves in 2013 with a primary focus on the Williston Basin.

At this time, the Company has not budgeted any capital for its South Texas programs pending further analysis of nearby operators' drilling results in the Eagleford, Buda and Pearsall formations. Several operators are drilling in close proximity to our Leona River and Booth-Tortuga prospects, which are operated by Crimson Exploration. Crimson has notified the Company that it wishes to continue monitoring results of the various formations before re-initiating operations in the prospects.

Actual timing of drilling and completing wells, well performance and the anticipated number of gross and net wells could vary in each region. Amounts budgeted for each regional drilling program are also subject to change based on a number of factors including, but not limited to, timing, well costs, drilling and completion success, availability of capital and weather-related issues.

Mount Emmons Molybdenum Project:

The Company has approved a budget of $5.4 million for the advancement of the Mount Emmons Molybdenum project. This includes operation of the water treatment plant, plant upgrades, continued permitting, the acquisition of Thompson Creek's interest in the Highlands Ranch property, legal, and lobbying expenses.

1 of 4

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!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

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