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U.S. Energy Corp. (USEG) Stock Rises 7.64% in premarket: Here is What You Need to Know

U.S. Energy Corp. (USEG) saw a push of 7.64% in the premarket. However, the last trading session closed at $4.71 with an incline of 1.07%.

Second Quarter 2021 Financial Results

USEG announced second-quarter 2021 financial results on 12th August 2021. Firstly, sales of oil and natural gas generated $1.7 million in the second quarter of 2021. A rise in oil production volumes and an improvement in realized commodity prices accounted for the majority of the income change. Secondly, during the quarter, revenue from oil production accounted for 91 percent of our total revenue. The Company owns and runs properties that account for 32% of our overall revenue.


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Thirdly, lease operating expenditures were $477 thousand in the second quarter of 2021. The rise in lease operating expenditures was largely due to higher workover costs associated with resuming curtailed and shut-in output. Lastly, the general and administrative (G&A) costs came out to be $812 thousand. This included all non-cash items.

First Quarter 2021 Financial Results

USEG reported first-quarter 2021 financial results on 13th May 2021. Sales of oil and natural gas generated $1.2 million in the first quarter of 2021, compared to $0.9 million in the same period of 2020. A rise in oil production volumes and an improvement in realized commodity prices accounted for the majority of the income change. During the quarter, revenue from oil production accounted for 93 percent of our total revenue.

Lease operating expenditures were $568 thousand in the first quarter of 2021, compared to $408 thousand in the same period of 2020. Increased workover expenditures associated to bringing restricted and shut-in production back online, particularly on our non-operated sites, drove up lease operating expenses. During the first quarter of 2021, general and administrative (G&A) costs totaled $735 thousand, including all non-cash items.

USEG Provides Preliminary Fourth Quarter and Full Year 2020 Operating Results

On 2nd March 2021, USEG announced Fourth Quarter and Full Year 2020 Operating Results. U.S. Energy boosted output to 25,397 BOE (71 percent oil) in the fourth quarter of 2020. In comparison to the third quarter of 2020, this is an 89 percent increase. The considerable rise in production is due to the effective deployment of operated assets purchased in 2020, as well as the continued reactivation of the Company’s non-operated wells.

In 2020, the Company produced 79,816 BOE (75 percent oil), or around 218 BOEPD on average. USEG has total proven reserves of about 1,255,236 Boe as of December 31, 2020. When utilizing 2020 SEC prices of $39.57/bbl of oil and $1.99/mcf of gas, the entire proven reserves had a pre-tax PV10 percent value of $8.7 million.

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