---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-26-036181"
form_type: "8-K"
ticker: "USEG"
cik: "0000101594"
company_name: "US ENERGY CORP"
filed_at: "2026-11-10T21:25:28+00:00"
generated_at: "2026-11-10T21:26:07.479992+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Big Sky Industrial Q3 revenue up 12% to $2.0M; net loss $3.5M; Phase 1 helium plant on track for spring 2027

## Summary
- Q3 2026 revenue $2.0M (93% oil) vs $1.7M a year ago; realized price $63.83/BOE vs $49.20; production fell to 30,628 BOE from 35,326.
- Net loss $3.5M (-$0.07/share) vs -$3.3M (-$0.10); Adjusted EBITDA -$0.8M vs -$1.3M; LOE $2.1M included $1.2M remediation for a produced-fluids release.
- Phase 1 fabrication underway under fixed-scope EPC with CANUSA EPC; plant designed for ~14 MMcf/yr helium and ~125,000 metric tons CO2/yr; install late Q4 2026 into Q1 2027.
- Five-year 100% take-or-pay helium sale at $285/Mcf at the plant gate, CPI escalation from March 1, 2028 and a year-three price redetermination; first sales targeted spring 2027.
- Cash $2.9M and total liquidity $14.4M ($11.5M undrawn); total debt $8.5M; pursuing a larger senior secured facility and 45Q credit monetization; Big Rose MRV in final EPA approval stage.

## SEC filing metadata
- accession: 0001437749-26-036181
- form_type: 8-K
- ticker: USEG
- cik: 0000101594
- company_name: US ENERGY CORP
- filed_at: 2026-11-10T21:25:28+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/101594/000143774926036181/0001437749-26-036181-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/101594/000143774926036181/bsin20260901_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-26-036181
- JSON: https://secwatch.observer/filing/0001437749-26-036181.json
- Plain text: https://secwatch.observer/filing/0001437749-26-036181.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.