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U.S. Energy Corp. Reports First Quarter 2013 Highlights And Selected Financial Results

Stocks in this article: USEG

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.

Selected Highlights for the First Quarter of 2013

Financial and Operational Results

  • 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.*

2013 Capital Budget

Under our $27.1 million capital expenditures budget for 2013, we spent approximately $5.9 million to fund our 2013 oil and gas drilling programs during the quarter ended March 31, 2013. The remaining $21.2 million in capital expenditure is budgeted to be spent on exploration and acquisition initiatives in the Williston Basin of North Dakota and in Texas.

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