U.S. Energy Corp. amends credit facility: borrowing base cut to $10M, maturity extended to 2029

US ENERGY CORP

Borrowing base reduced from $20M to $10M; maturity extended from Jan 2026 to May 31, 2029.
Limited waiver granted for technical defaults related to subsidiary good standing and Delaware reorganization.
New hedging covenant requires 25%-40% of projected production hedged based on borrowing base utilization.
Post-closing obligations: deliver mortgages covering 90% of PV-10 and swap agreements within 45 days.
Currently $0 drawn; quarterly debt/EBITDAX ≤3:1 covenant begins March 2026.

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