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Share Name | Share Symbol | Market | Type |
---|---|---|---|
US Energy Corp | NASDAQ:USEG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.19 | 1.14 | 1.21 | 2 | 09:00:00 |
U.S. ENERGY CORP.
|
(Exact Name of Company as Specified in its Charter)
|
Wyoming
|
0-6814
|
83-0205516
|
(State or other jurisdiction of
|
(Commission File No.)
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification No.)
|
|
|
|
|
|
|
877 North 8th West, Riverton, WY
|
|
82501
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
|
Registrant's telephone number, including area code: (307) 856-9271
|
Not Applicable
|
(Former Name, Former Address or Former Fiscal Year,
If Changed From Last Report)
|
|
U.S. ENERGY CORP.
|
|
|
|
|
|
|
|
Dated: March 12, 2015
|
By:
|
/s/ Keith G. Larsen
|
|
|
Keith G. Larsen, CEO
|
·
|
During the three months ended December 31, 2014, the Company produced 101,265 barrels of oil equivalent ("BOE"), or 1,101 BOE per day ("BOE/D"), from 136 gross (20.02 net) wells.
|
·
|
We recorded a net loss of $2.3 million or $0.08 per share basic and diluted for the quarter ended December 31, 2014 as compared to a net loss after taxes of $1.2 million, or $0.04 per share basic and diluted, during the same period of 2013.
|
·
|
Adjusted Net Income (Loss), a non-GAAP measure that excludes non-recurring items and mark-to-market gains and losses on derivative instruments, was an Adjusted Net (Loss) of $2.3 million during the three months ended December 31, 2014, or $0.08 per basic and diluted share. Adjusted Net Income was $593,000 for the fourth quarter of 2013, or $0.02 per basic and diluted share. Please refer to the reconciliation in this release for additional information about this measure.
|
·
|
Oil and gas operations generated an operating loss of $1.2 million during the quarter ended December 31, 2014 as compared to operating income of $3.3 million during the quarter ended December 31, 2013.
|
·
|
At December 31, 2014, we had $4.0 million in cash and cash equivalents and our working capital deficit (current assets minus current liabilities) was $466,000.
|
·
|
The Company recognized $5.1 million in revenues during the three months ended December 31, 2014 as compared to $9.3 million during the same period of the prior year. The $4.2 million decrease in revenue is primarily due to lower realized oil prices and lower oil sales volumes in the three months ended December 31, 2014 when compared to the same period in 2013.
|
·
|
Earnings before interest, income taxes, depreciation, depletion and amortization, accretion of discount on asset retirement obligations, non-cash impairments, unrealized derivative gains and losses and non-cash compensation expense ("Modified EBITDAX"), was $1.2 million for the three months ended December 31, 2014, compared to a Modified EBITDAX of $4.6 million for the three months ended December 31, 2013. Modified EBITDAX is a non-GAAP financial measure. Please refer to the reconciliation in this release for additional information about this measure.
|
·
|
During the twelve months ended December 31, 2014 the Company produced 465,342 BOE or 1,275 BOE/D from 136 gross (20.02 net) producing wells. In South Texas, production increased 148% when compared to the prior year, from 76,773 BOE to 190,760 BOE as a result of our Buda limestone drilling program. We do not anticipate this growth to continue due to lower oil prices and a decreased pace of drilling in the region.
|
·
|
During the year ended December 31, 2014, we recorded a net loss after taxes of $2.1 million or $0.08 per share basic and diluted, as compared to a net loss after taxes of $7.4 million, or $0.27 per share basic and diluted, during 2013.
|
·
|
Adjusted Net Income (Loss), a non-GAAP measure that excludes non-recurring items and mark-to-market gains and losses on derivative instruments, was a loss of $1.8 million during the twelve months ended December 31, 2014, or $0.06 per basic and diluted share. Adjusted Net Income was $279,000 for 2013, or $0.01 per basic and diluted share. Please refer to the reconciliation in this release for additional information about this measure.
|
·
|
We recognized $32.4 million in revenue during 2014, compared to revenues of $33.6 million during the prior year. The $1.2 million decrease in revenue is primarily due to lower oil sales volumes and lower average oil prices in 2014 as compared to 2013.
|
·
|
During the year ended December 31, 2014, we received an average of $2.7 million per month from our producing wells with an average operating cost of $657,000 per month (including workover costs) and production taxes of $230,000, for average net cash flows of $1.8 million per month from oil and gas production before non-cash depletion expense.
|
·
|
Modified EBITDAX was $14.1 million for 2014, which is equal to the Modified EBITDAX of $16.2 million for 2013. Modified EBITDAX is a non-GAAP financial measure. Please refer to the reconciliation in this release for additional information about this measure.
|
·
|
At year-end 2014, the Company had estimated proved reserves of 4,654,944 BOE (89% oil and 11% natural gas) as compared to 3,855,033 BOE at December 31, 2013, a 20.7% increase year over year.
|
·
|
At December 31, 2014, 43% of our estimated proved reserves were producing, 1% were proved developed non-producing and 56% were proved undeveloped.
|
·
|
The estimated proved reserves at December 31, 2014 have a standardized measure value of $81.9 million and a PV10 of $85.2 million. PV10 is a non-GAAP financial measure. Please refer to the reconciliation in this release for additional information about this measure.*
|
·
|
Our Credit Agreement with Wells Fargo Bank, N.A., provides a $100.0 million senior secured credit facility, with a current borrowing base of $24.5 million and a maturity date of July 30, 2017. At December 31, 2014 we had $6.0 million drawn on the facility and available borrowing capacity of $18.5 million.
|
Well Name
|
Operator
|
Spud Date
|
Working Interest
|
Net Revenue Interest
|
Status
|
Beeler Unit H 26H
|
Contango
|
9/12/2014
|
30.00%
|
23.14%
|
Producing
|
South McKnight 1317HB
|
U.S. Enercorp.
|
9/28/2014
|
33.30%
|
25.00%
|
Producing
|
Richard #1
|
CML
|
3/16/2015
|
12.90%
|
9.87%
|
To Spud
|
25.40%
|
19.34%
|
Well Name
|
Operator
|
Formation
|
Spud Date
|
Working Interest
|
Net Revenue Interest
|
Status
|
|
Slugger 5-16-21H
|
Emerald Oil Inc.
|
Bakken
|
3/9/2014
|
0.37%
|
0.28%
|
Producing
|
|
Talon 5-9-4H
|
Emerald Oil Inc.
|
Bakken
|
4/23/2014
|
0.34%
|
0.27%
|
Producing
|
|
Talon 6-9-4H
|
Emerald Oil Inc.
|
Three Forks
|
7/21/2014
|
0.34%
|
0.27%
|
Producing
|
|
Slugger 6-16-21H
|
Emerald Oil Inc.
|
Bakken
|
8/17/2014
|
0.37%
|
0.28%
|
Producing
|
|
Talon 7-9-4H
|
Emerald Oil Inc.
|
Bakken
|
9/13/2014
|
0.34%
|
0.27%
|
Producing
|
|
Slugger 7-16-21H
|
Emerald Oil Inc.
|
Bakken
|
10/10/2014
|
0.37%
|
0.28%
|
Producing
|
|
Excalibur 6-25-36H
|
Emerald Oil Inc.
|
Bakken
|
10/26/2014
|
0.82%
|
0.63%
|
Completing
|
|
Excalibur 7-25-36H
|
Emerald Oil Inc.
|
Bakken
|
11/8/2014
|
0.82%
|
0.63%
|
Drilled - Comp. Pending
|
|
Satter 21X-01B
|
XTO
|
Bakken
|
10/22/2014
|
0.13%
|
0.10%
|
Drilled - Comp. Pending
|
|
Satter 21X-01F
|
XTO
|
Three Forks
|
10/26/2014
|
0.13%
|
0.10%
|
Drilled - Comp. Pending
|
|
Satter 21X-01C
|
XTO
|
Three Forks
|
10/27/2014
|
0.13%
|
0.10%
|
Drilled - Comp. Pending
|
|
Average:
|
0.38%
|
0.29%
|
U.S. ENERGY CORP.
|
||||||||
SELECTED FINANCIAL DATA
|
||||||||
(Amounts in thousands, except per share amounts)
|
||||||||
December 31,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
Balance Sheets:
|
||||||||
Cash and cash equivalents
|
$
|
4,010
|
$
|
5,855
|
||||
Current assets
|
$
|
7,500
|
$
|
13,161
|
||||
Current liabilities
|
$
|
7,966
|
$
|
7,191
|
||||
Working capital
|
$
|
(466
|
)
|
$
|
5,970
|
|||
Total assets
|
$
|
123,523
|
$
|
126,801
|
||||
Long-term obligations
|
$
|
8,162
|
$
|
10,553
|
||||
Shareholders' equity
|
$
|
107,395
|
$
|
109,057
|
||||
Shares Outstanding
|
28,047,661
|
27,735,878
|
For the three months ended December 31,
|
For the years ended December 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Statements of Operations:
|
||||||||||||||||
Operating revenues
|
$
|
5,067
|
$
|
9,271
|
$
|
32,379
|
$
|
33,647
|
||||||||
Income (loss) from operations
|
$
|
(3,203
|
)
|
$
|
726
|
$
|
(2,488
|
)
|
$
|
(4,846
|
)
|
|||||
Other income & expenses
|
$
|
869
|
$
|
(1,943
|
)
|
$
|
397
|
$
|
(2,840
|
)
|
||||||
Discontinued operations, net of taxes
|
$
|
--
|
$
|
(3
|
)
|
$
|
--
|
$
|
307
|
|||||||
Net (loss)
|
$
|
(2,334
|
)
|
$
|
(1,220
|
)
|
$
|
(2,091
|
)
|
$
|
(7,379
|
)
|
||||
Net (loss) per share:
|
||||||||||||||||
Basic and diluted
|
$
|
(0.08
|
)
|
$
|
(0.04
|
)
|
$
|
(0.08
|
)
|
$
|
(0.27
|
)
|
||||
Weighted average shares outstanding
|
||||||||||||||||
Basic
|
27,905,940
|
27,475,813
|
27,832,859
|
27,678,698
|
||||||||||||
Diluted
|
27,905,940
|
27,475,813
|
27,832,859
|
27,678,698
|
For the three months ended December 31,
|
For the years ended December 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Net (loss)
|
$
|
(2,334
|
)
|
$
|
(1,220
|
)
|
$
|
(2,091
|
)
|
$
|
(7,379
|
)
|
||||
Impairment of oil and natural gas properties
|
--
|
--
|
--
|
5,828
|
||||||||||||
Impairment of unconsolidated investment
|
--
|
2,160
|
--
|
2,160
|
||||||||||||
Accretion of asset retirement obligation
|
11
|
10
|
40
|
38
|
||||||||||||
Non-cash compensation expense
|
99
|
116
|
1,112
|
516
|
||||||||||||
Unrealized (gain) loss on commodity derivatives
|
103
|
(319
|
)
|
(266
|
)
|
737
|
||||||||||
Interest expense
|
71
|
89
|
385
|
429
|
||||||||||||
Depreciation, depletion and amortization
|
3,254
|
3,812
|
14,956
|
13,898
|
||||||||||||
Modified EBITDAX (Non-GAAP)
|
$
|
1,203
|
$
|
4,648
|
$
|
14,136
|
$
|
16,227
|
For the three months ended December 31,
|
For the years ended December 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Net (loss)
|
$
|
(2,334
|
)
|
$
|
(1,220
|
)
|
$
|
(2,091
|
)
|
$
|
(7,379
|
)
|
||||
Impairment of oil and natural gas properties
|
--
|
--
|
--
|
5,828
|
||||||||||||
Impairment of unconsolidated investment
|
--
|
2,160
|
--
|
2,160
|
||||||||||||
Gain on sale of assets
|
(84
|
)
|
(31
|
)
|
(112
|
)
|
(760
|
)
|
||||||||
Discontinued operations
|
--
|
3
|
--
|
(307
|
)
|
|||||||||||
Change in fair value of derivative instruments
|
103
|
(319
|
)
|
(266
|
)
|
737
|
||||||||||
Non-recurring retirement expense
|
--
|
--
|
707
|
--
|
||||||||||||
Adjusted net income (loss)
|
$
|
(2,315
|
)
|
$
|
593
|
$
|
(1,762
|
)
|
$
|
279
|
||||||
Adjusted earnings (loss) per share:
|
||||||||||||||||
Basic and diluted
|
$
|
(0.08
|
)
|
$
|
0.02
|
$
|
(0.06
|
)
|
$
|
0.01
|
||||||
Weighted average shares outstanding
|
||||||||||||||||
Basic and diluted
|
27,905,940
|
27,475,813
|
27,832,859
|
27,678,698
|
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