Us Energy Corp
U.S. Energy Corp., is a Wyoming corporation organized in 1966. We are an independent
energy company focused on the acquisition and development of oil and gas producing
properties in the continental United States. Our business activities are currently
focused in South Texas and the Williston Basin in North Dakota. However, we
do not intend to limit our focus to these geographic areas. We continue to focus
on increasing production, reserves, revenues and cash flow from operations while
managing our level of debt.
We have historically explored for and produced oil and gas through a non-operator
business model. As a non-operator, we rely on our operating partners to propose,
permit, drill, complete and produce oil and gas wells. Before a well is drilled,
the operator provides all oil and gas interest owners in the designated well
the opportunity to participate in the drilling and completion costs and revenues
of the well on a pro-rata basis. Our operating partners also produce, transport,
market and account for all oil and gas production. We are currently developing
our capability to operate properties.
We believe that additional value can be generated if we have the ability to
operate oil and gas properties because operatorship will allow us to control
drilling and production timing, capital costs and future planning of operations.
We plan to look for opportunities to operate our own wells in the near future
through acquisition of new oil and gas properties and/or by consolidating ownership
in and around the areas in which we currently participate. We believe the current
price climate will make opportunities available for us to acquire and/or develop
operated properties, and our objective is to eventually operate the properties
which comprise the majority of our production.
We currently participate in oil and gas projects as a non-operating working
interest owner through exploration and development agreements with various oil
and gas exploration and production companies. Our working interest varies by
project and may change over time based on the terms of our leases and operating
agreements. These projects may result in numerous wells being drilled over the
next three to five years depending on, among other things, commodity prices
and the availability of capital resources required to fund the expenditures.
We are also actively pursuing potential acquisitions of exploration, development
and production-stage oil and gas properties or companies.
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