Energy Watch: U.S. Energy Corp

November 19, 2013

By Dr. Tyra OldhamLANDsds Sustainable Voice News

Energy company’s are on doing well in this economic shift.  Companies are reporting financial quarter closings and energy is a segment on the move.  The oil and gas market is in a boom time again as  “U.S. Energy Corp. Reports Third Quarter 2013 Highlights and Selected Financial Results” revealing production is up and profits.

Globe Newswire and Wall Street Journal reported the U.S. Energy Corp. (Nasdaq: USEG) (the “Company”), third quarter 2013 financial results for the three and nine months ended September 30, 2013 revealed the following:

Financial and Operational Results

— During the three months ended September 30, 2013, the Company produced
101,987 barrels of oil equivalent (“BOE”), or 1,109 BOE/D from 101 gross
(15.14 net) wells.

— Oil and Gas operations produced operating income of $2.5 million during
the quarter ended September 30, 2013 as compared to operating income of
$1.7 million during the quarter ended September 30, 2012.

— The Company recognized $8.6 million in revenues during the three months
ended September 30, 2013 as compared to $7.6 million during the same
period of the prior year. The $943,000 increase in revenue is primarily
due to higher realized oil and gas prices in 2013 when compared to 2012.

— At September 30, 2013, the Company had $5.5 million in cash and cash
equivalents on hand. Working capital (current assets minus current
liabilities) was $5.1 million.

— On September 11, 2013 the Company completed the sale of the Remington
Village Apartment Complex located in Gillette, Wyoming to an affiliate of
the Miller Frishman Group, LLC for $15.0 million. A related commercial
note in the amount of $9.5 million was paid in full at closing and net
proceeds to the Company were approximately $5.0 million as a result of
the sale.

— The Company recognized $24.4 million in revenues during the nine months
ended September 30, 2013.

— During the nine months ended September 30, 2013, we received average
revenue of $2.7 million per month from our producing wells with an
average operating cost of $637,000 per month (excluding workover costs),
and production taxes of $278,000 before non-cash depletion expense, for
an average cash flow of $1.8 million per month from oil and gas
production before non-cash depletion expense.

— General and administrative expenses decreased by $1.4 million during the
nine months ended September 30, 2013 as compared to general and
administrative expenses for the nine months ended September 30, 2012.
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
stock compensation expense (“Modified EBITDAX”), was $11.5 million for
the nine months ended September 30, 2013, an increase of 16.3% from $9.9
million for the same period in 2012. Modified EBITDAX is a non-GAAP
financial measure. Please refer to the reconciliation in this release for
additional information about this measure.*

“The Company participates with Contango Oil & Gas Company in approximately 10,140 gross (3,042 net) acres in the Booth-Tortuga acreage block in Dimmit County, Texas which are prospective for the Buda Limestone and other formations. The Company has an approximate 30% working interest and an approximate 22.5% net revenue interest in the acreage.”

The boom of oil and gas has produced a windfall that may lead to expanded growth if  company’s  diversify over the next ten years.  Oil and gas is indeed in a boom but the role of structuring an energy mix is a development that time has come.  When the term smart grid is considered it advances beyond the role of oil and gas, integrating technologies to support energy capacity and security.

Read More


LANDsds Sustainable Voice is a news platform to share interconnected ideas, innovation and observation-The Nexuses.

Tagged with: , , , , , , , , , , , , , , , , , ,
Posted in BIO, Business, Economics, Energy, Energy Investment, Financial News, Oil and Gas, Sustainability Nexuses, Sustainable Voice, Voice News

Have a Sustainable Day My Friend!

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Nexuses Images
Skinny Budget Slashing Budget Making some #Zen

July 4, 2015
Fourth of July!

July 3, 2015
Aetna Buys Humana

June 26,2015
The US Supreme Court votes for gay marriage.

June 25, 2015
The US nation's healthcare, Obamacare was upheld by the Supreme Court today.

April 28, 2015
The Marriage Gay Rights decision from Supreme Court

April 27, 2015
Outburst and acts of violence in Baltimore after the funeral of Mr. Freddy Gray, 25 Black male

April 27, 2015
Chipotle Mexican Restaurant Chain decides no Genetically Modified Ingredients (GMO) to be served

April 27, 2015
Loretta Lynch, sworn in as first Black Woman Attorney General of the United States

April 26 -27, 2015
Tragedy in Nepal as 7,000 Reported Dead from Earthquake and Tremors

April 25, 2015
White House Correspondence Dinner in full swing. Jokes, Pundits and Politics

April 9, 2015
Walter Scott killed by police officer in South Carolina. The crime witnessed and video taped by Feiden Santana.

April 7, 2015
Billie Holiday 100th Birthday anniversary

April 2, 2015
Storm and hail expected through south and east.

April 1, 2015
California's drought will change the way the state operates

Nexuses Top News & Pages
We are glad your here!

LANDsds is the Green Sustainability Voice is dedicated to green, sustainability, green-tech and business contact us at

Top Posts & Pages
  • An error has occurred; the feed is probably down. Try again later.
  • Innovative Architecture Plyscrapers in Paris June 16, 2015
      Michael Green proposes plyscrapers for Paris  June 16, 2015 LANDsds Sustainable Voice News Vancouver architect Michael Green wrote the book on timber towers, and has made a name for himself building North America’s tallest. He is also great at that…Read more ›
    LANDsds Sustainable Voice News
  • Turning Miami into Next Silicon Valey June 1, 2015
    June 1, 2015 LANDsds Sustainable Voice News SHoP Architects has teamed up with West 8 to design a four-block development, aimed specifically at attracting technology businesses and turning Miami into “Florida’s Silicon Valley”. Located in Miami’s Park West neighbourhood, the 10-acre…Read more ›
    LANDsds Sustainable Voice News
  • BP Settles on Oil Spill for $18.7 Billion July 2, 2015
    July 2, 2015 LANDsdsSustainable Voice News   Big news as “BP to Pay $18.7 Billion for Deepwater Horizon Oil Spill” settled to support the environmental damage in 2010. “The federal government and the Gulf Coast states have reached a tentative…Read more ›
    LANDsds Sustainable Voice News
  • US Puerto Rico In Debt Crisis June 30, 2015
    June 30, 2015 By Dr. Tyra Oldham, LANDsds Sustainable Voice News As we the focus on Greece, Puerto Rico is in trouble. Puerto Rico a travel economy with cheap wages and high energy cost is under water. Puerto Rico a part of US…Read more ›
    LANDsds Sustainable Voice News
%d bloggers like this: