U.S. Energy reports 24% increase in year-end 2022 proved producing reserves to 7.8 MMBoe

US ENERGY CORP

PDP reserves rose 24% to 7.8 MMBoe (65% crude oil) from 6.3 MMBoe at year-end 2021.
Q4 2022 average production 1,918 Boe/d, up 453% YoY and 9% QoQ.
Two acquisitions added ~1.6 MMBoe of PDP reserves since year-end 2021.
PV-10 of PDP reserves was $173.1M at SEC pricing ($90.67/bbl oil, $5.71/Mcf gas).
Year-end 2022 debt $12.0M, cash $4.1M, total liquidity $12.1M.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

US ENERGY CORP reported preliminary financial results for fourth quarter 2022.

Period: fourth quarter 2022
Result: preliminary results

Exact text from the filing

Grew fourth quarter 2022 average daily production to 1,918 barrels of oil equivalent per day (“Boe/d”), representing a 453% increase over fourth quarter 2021 and a 9% increase over third quarter 2022.

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Source: SEC EDGAR

accession 0001493152-23-005577

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