U.S. Energy provides corporate update, commences Kevin Dome development project

U.S. Energy announced a series of transformational developments and balance sheet updates. HIGHLIGHTS: Recently repaid the entire outstanding balance of credit facility, leaving the Company debt-free. Commenced Kevin Dome development program in Northwest Montana. 3rd party contingent and prospective resource report with mid-point Helium estimates of 23.7 BCF and 13.3 BCF, respectively. 3rd party legacy hydrocarbon reserve report of 3.5 Mmboe and a PV-10 of $50.9 million. Active share repurchase program with 0.8 million shares, or approximately 3% of outstanding shares, repurchased to date. Available liquidity of approximately $22.0 million. “I am pleased to announce that U.S. Energy has achieved multiple key milestones, including initiating our initial development program around our recent transformative transaction, as well as completely paying off the entirety of the Company’s outstanding debt,” said Ryan Smith, CEO. “With U.S. Energy’s current balance sheet profile, combined with cash flow from our legacy operations, we have the financial flexibility to accelerate the development of our newly acquired assets in a highly accretive manner and continue our disciplined capital allocation strategy and commitment to driving value and compelling risk-adjusted returns. The initiation of U.S. Energy’s development program marks the beginning of our expansion in the region and our stated objective of becoming a leading integrated gas company. With a strong, conservative financial foundation and clear strategic goal, we are well positioned to deliver results and long-term value to the Company’s shareholders.”