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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% | 1.15 | 1.14 | 1.19 | 0 | 09:41:38 |
U.S. ENERGY CORP.
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(Exact Name of Company as Specified in its Charter)
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Wyoming
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0-6814
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83-0205516
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(State or other jurisdiction of
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(Commission File No.)
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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|
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877 North 8th West, Riverton, WY
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82501
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code: (307) 856-9271
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Not Applicable
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(Former Name, Former Address or Former Fiscal Year,
If Changed From Last Report)
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U.S. ENERGY CORP.
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Dated: May 11, 2015
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By:
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/s/ Keith G. Larsen
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Keith G. Larsen, CEO
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·
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Produced 86,227 barrels of oil equivalent ("BOE"), or an average of 958 BOE per day ("BOE/D") as compared to 105,093 BOE or an average of 1,168 BOE/D during the three months ended March 31, 2014. Production decreased as a result of normal production declines and fewer wells being drilled during the period due to the low commodity prices, when compared to the same period of the previous year.
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·
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First quarter 2015 production came from a total of 140 gross (20.41 net) wells. During the three months ended March 31, 2015, we received an average of $893,000 per month from these producing wells with an average operating cost of $531,000 per month (including workover costs) and production taxes of $86,000, for average net cash flows of $276,000 per month from oil and gas production before non-cash depletion expense.
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·
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During the first quarter, we recorded a net loss after taxes of $23.7 million or $0.85 per share basic and diluted, as compared to net income after taxes of $250,000, or $0.01 per share basic and diluted, during the same period of 2014. During the three months ended March 31, 2015, the Company recorded a proved property impairment of $19.2 million related to its oil and gas assets, which represents $0.69 of the $0.85 per share loss during the quarter. The impairment was primarily due to a decline in the price of oil. There were no proved property impairments recorded during the first three months of 2014.
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·
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At March 31, 2015, we had $4.0 million in cash and cash equivalents.
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·
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The Company recognized $2.7 million in revenues during the three months ended March 31, 2015 as compared to $8.3 million during the same period of the prior year. The $5.6 million decrease in revenue is primarily due to lower oil and gas prices and lower oil and gas sales volumes in the first quarter of 2015 when compared to the same period of 2014.
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·
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Cash provided by operations for the three months ended March 31, 2015 decreased to $1.8 million as compared to cash provided by operations of $4.4 million for the same period of 2014. The $2.6 million year over year decrease in cash from operating activities is primarily due to lower oil and gas revenue, partially offset by lower oil and gas operating expenses during the first quarter of 2015 as compared to the first quarter of 2014.
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·
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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 $4.4 million during the three months ended March 31, 2015, or $0.16 per basic and diluted share. Adjusted Net Income was $491,000 for the three months ended March 31, 2014, or $0.02 per basic and diluted share. Please refer to the reconciliation in this release for additional information about this measure.
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·
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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 a $1.2 million loss for the three months ended March 31, 2015, compared to a $4.0 million gain for the three months ended March 31, 2014. Modified EBITDAX is a non-GAAP financial measure. Please refer to the reconciliation in this release for additional information about this measure.
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·
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Our Credit Agreement with Wells Fargo Bank, N.A. provides a $100.0 million senior secured credit facility. Effective April, 15, 2015 we have a redetermined borrowing base of $7.5 million with a maturity date of July 30, 2017. The redetermination was based on reserves and production forecasts as of December 31, 2014, taking into account current oil and natural gas price forecasts. At March 31, 2015, we had $6.0 million drawn on the facility.
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Well Name
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Operator
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Spud Date
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Working Interest
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Net Revenue Interest
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Status
|
||
Richard #1
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CML
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3/16/2015
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12.90%
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9.87%
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Producing
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||
S McKnight 1305B
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U.S. Enercorp.
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3/5/2015
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33.33%
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24.50%
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Flowing Back
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||
Average:
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23.12%
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17.19%
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Well Name
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Operator
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Formation
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Spud Date
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Working Interest
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Net Revenue Interest
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Status
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Excalibur 6-25-36H
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Emerald Oil Inc.
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Bakken
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10/26/2014
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0.82%
|
0.63%
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Producing
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Excalibur 7-25-36H
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Emerald Oil Inc.
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Bakken
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11/8/2014
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0.82%
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0.63%
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Drilled - Comp. Pending
|
Satter 21X-01B
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XTO
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Bakken
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10/22/2014
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0.13%
|
0.10%
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Drilled - Comp. Pending
|
Satter 21X-01F
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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
|
Satter 31X-1H
|
XTO
|
Three Forks
|
1/1/2015
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0.13%
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0.10%
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Drilled - Comp. Pending
|
Satter 31X-1D
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XTO
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Bakken
|
2/6/2015
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0.13%
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0.10%
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Drilled - Comp. Pending
|
Satter 31X-1CXD
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XTO
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Bakken
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3/14/2015
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0.13%
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0.10%
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Drilled - Comp. Pending
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Satter 31X-1G2
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XTO
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Three Forks
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3/12/2015
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0.13%
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0.10%
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Drilling
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Average:
|
0.28%
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0.22%
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U.S. ENERGY CORP.
|
||||
SELECTED FINANCIAL DATA
|
||||
(Unaudited)
|
||||
(Amounts in thousands, except per share amounts)
|
||||
March 31,
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December 31,
|
|||
2015
|
2014
|
|||
Balance Sheets:
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Cash and cash equivalents
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$3,976
|
$4,010
|
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Current assets
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$5,632
|
$7,500
|
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Current liabilities
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$9,504
|
$7,966
|
||
Working capital
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$(3,872)
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$(466)
|
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Total assets
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$101,499
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$123,523
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Long-term obligations
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$8,188
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$8,162
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Shareholders' equity
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$83,807
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$107,395
|
||
Shares Outstanding
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28,047,661
|
28,047,661
|
||
For the three months ended March 31,
|
||||
2015
|
2014
|
|||
Statements of Operations:
|
||||
Operating revenues
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$2,679
|
$8,256
|
||
Income (loss) from operations
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$(23,519)
|
$627
|
||
Other income & expenses
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$(184)
|
$(377)
|
||
Net income (loss)
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$(23,703)
|
$250
|
||
Net income (loss) per share
|
||||
Basic and diluted
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$(0.85)
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$0.01
|
||
Weighted average shares outstanding
|
||||
Basic
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28,047,661
|
27,738,083
|
||
Diluted
|
28,047,661
|
28,142,253
|
For the three months ended March 31,
|
||||
2015
|
2014
|
|||
Net income (loss)
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$(23,703)
|
$250
|
||
Impairment of oil and natural gas properties
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19,240
|
--
|
||
Accretion of asset retirement obligation
|
11
|
9
|
||
Non-cash compensation expense
|
178
|
160
|
||
Unrealized loss on commodity derivatives
|
63
|
173
|
||
Interest expense
|
63
|
96
|
||
Depreciation, depletion and amortization
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2,941
|
3,362
|
||
Modified EBITDAX (Non-GAAP)
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$(1,207)
|
$4,050
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For the three months ended March 31,
|
||||
2015
|
2014
|
|||
Net (loss) income
|
$(23,703)
|
$250
|
||
Impairment of oil and natural gas properties
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19,240
|
--
|
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Gain on sale of assets
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(16)
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(28)
|
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Change in fair value of derivative instruments
|
63
|
173
|
||
Interest expense
|
63
|
96
|
||
Adjusted net (loss) income
|
$(4,353)
|
$491
|
||
Adjusted earning per share:
|
||||
Basic and diluted
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$(0.16)
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$0.02
|
||
Weighted average shares outstanding
|
||||
Basic
|
28,047,661
|
27,738,083
|
||
Diluted
|
28,047,661
|
28,142,253
|
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