U.S. Energy Corp. agrees to sell South Texas assets for ~$6.5 million in cash

US ENERGY CORP

Subsidiary New Horizon Resources entered Purchase Agreement with Warwick-Artemis, LLC for $6 million purchase price, subject to customary adjustments.
All-cash proceeds of approximately $6.5 million will fund development of recently announced helium assets and repay outstanding debt.
Divested assets averaged 155 boe per day (85% oil) in Q1 2024, representing 13% of U.S. Energy's total production.
Transaction has an effective date of April 1, 2024, and is expected to close by July 31, 2024, with a $600,000 deposit paid by buyer.
Due to Hurricane Beryl, investor conference call rescheduled from July 10 to July 17, 2024.

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