secwatch.observer — SEC 8-K summary
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Issuer:     US ENERGY CORP (USEG)
CIK:        0000101594
Form:       8-K
Filed at:   2024-08-07T23:59:59+00:00
Accession:  0001437749-24-025194
Event type: earnings
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

USEG Q2 net loss $2.0M, revenue $6.0M; acquires 140K net acres for helium in Montana
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- Net loss of $2.0M ($0.08/diluted share) vs. adjusted EBITDA of $1.1M; revenue $6.0M (90% oil).
- Closed acquisition of 140,000 net acres for helium/industrial gas in Montana on June 26; signed LOI for additional 24,000 contiguous acres.
- Post-quarter closed South Texas divestiture for $6.5M; used proceeds to pay down $5M debt, exiting net debt free with $20M liquidity.
- Q2 production averaged 1,221 Boe/d (64% oil); LOE down 18% YoY to $3.1M ($27.69/Boe).
- Mid-year proved reserves 3.5 Mboe (100% PDP, 69% oil) with PV-10 of $50.9M at SEC pricing.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/101594/000143774924025194/0001437749-24-025194-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/101594/000143774924025194/useg20240513_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-025194

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