USEG closes acquisition of oil & gas assets for $1.25M cash, 19.9M shares, $3.5M debt

US ENERGY CORP

Acquired assets from Lubbock, Banner, and Synergy for $1.25M cash, 19,905,736 shares, $3.5M debt assumption, and hedge novation (~$3.1M MTM loss).
Board expanded from 5 to 7; appointed Weinzierl (Chairman), Batchelor, and King, designated by the sellers.
Entered new 5-year $15M revolving credit facility with Firstbank; $3.5M drawn at closing to repay assumed Banner debt.
Signed related agreements: Registration Rights, Nominating/Voting, Contribution, Farmout, and Transition Services.

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Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Javier F. Pico

Director

USEG · US ENERGY CORP

Effective: 2022-01-05
Filed: January 10, 2022, 6:59 PM ET

Javier F. Pico notified the Company of his intent to resign as a member of the Board of Directors of the Company, effective upon the Closing, which Closing and which resignation was effective January 5, 2021.

Appointed

Donald Kessel

Chief Operating Officer

USEG · US ENERGY CORP

Effective: 2022-01-05
Filed: January 10, 2022, 6:59 PM ET

the Board of Directors appointed Mr. Donald Kessel as Chief Operating Officer of the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Javier F. Pico resigned as Director at US ENERGY CORP.

Action: resigned
Role: Director

Exact text from the filing

Javier F. Pico notified the Company of his intent to resign as a member of the Board of Directors of the Company, effective upon the Closing, which Closing and which resignation was effective January 5, 2021.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Donald Kessel was appointed as Chief Operating Officer at US ENERGY CORP.

Action: appointed
Role: Chief Operating Officer

Exact text from the filing

the Board of Directors appointed Mr. Donald Kessel as Chief Operating Officer of the Company.

View on SEC.gov

US ENERGY CORP filing history →

Source: SEC EDGAR

accession 0001493152-22-000753

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