U.S. Energy Corporation announced on December 13, 2024, that it has executed definitive documents for the sale of the majority of its East Texas assets to a private buyer for $6.825 million. The transaction is subject to customary closing conditions and is expected to close on or before December 31, 2024.
The divested East Texas assets, comprising 122 wells, produced approximately 1.1 million cubic feet per day of natural gas and 168 barrels of oil per day for the quarter ending September 30, 2024. This sale represents a strategic divestment of a significant portion of the company’s legacy oil and gas portfolio.
Proceeds from the sale are intended to directly advance U.S. Energy's industrial gas project in Montana, enhancing liquidity and balance sheet strength. This move streamlines operations by exiting a non-core geographic region, aligning with the company's strategic reorientation towards industrial gas development.
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