RIVERTON, Wyo., May 10, 2013 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (Nasdaq:USEG) (the "Company"), today reported its first quarter 2013 highlights and selected financial results for the quarter ended March 31, 2013, and also provided an operational update.
- Produced 98,674 BOE during the quarter, or 1,096 BOE/D from 87 gross (15.30 net) producing wells at March 31, 2013.
- Recognized $7.9 million in revenue during the quarter ended March 31, 2013.
- At March 31, 2013, the Company had $2.5 million in cash and cash equivalents on hand. Working capital (current assets minus current liabilities) was $10.4 million.
- During the three months ended March 31, 2013, we received an average of $2.6 million per month from our producing wells with an average operating cost of $655,000 per month (excluding workover costs), and production taxes of $278,000 before non-cash depletion expense, for an average cash flow of $1.7 million per month from oil and gas production.
- During the three months ended March 31, 2013, the Company sold its corporate aircraft and related facilities for $2.6 million. As a result of these sales, we recorded a gain on the sale of assets during the quarter in the amount of $696,000.
- During the quarter ended March 31, 2013 we recorded a net loss after taxes of $5.9 million, or $0.21 per share basic and diluted, as compared to a net loss after taxes of $381,000, or $0.01 per share basic and diluted, during the same period of 2012. During the three months ended March 31, 2013, the Company recorded a proved property impairment of $5.8 million related to its oil and gas assets. The impairment was primarily due to a decline in the price of oil, additional capitalized costs and changes in production. There were no proved property impairments recorded during the first three months of 2012.
- Earnings before interest, income taxes, depreciation, depletion and amortization, accretion of discount on asset retirement obligations, non-cash impairments, unrealized derivative gains and losses and non-cash stock compensation expense ("Modified EBITDAX"), which is a non-GAAP performance measure, was $4.3 million for the quarter ended March 31, 2013, an increase of 33.4% from $3.2 million for the same period of 2012.*