“Throughout the fourth quarter and entire 2019, we have continued to see increased production results across our legacy asset base in
2019 Fourth Quarter and Full Year Production Update
During the fourth quarter of 2019,
4th Quarter 2019 | Full Year 2019 | |||
Sales Volume (Total) | ||||
Oil (Bbls) | 27,084 | 110,090 | ||
Gas (Mcf) | 58,137 | 209,518 | ||
Sales volumes (Boe) | 36,774 | 145,010 | ||
Average daily production (Boe) | 400 | 397 | ||
Average Sales Prices | ||||
Oil (Bbl) | $ | 51.79 | $ | 55.85 |
Gas (Mcf) | $ | 1.80 | $ | 2.03 |
Average price (Boe) | $ | 41.00 | $ | 45.33 |
2019 Year End Proved Reserves Update
As of
As of | As of | ||||||
Proved Developed Oil Reserves (Bbls) | 807,510 | 751,260 | |||||
Proved Undeveloped Oil Reserves (Bbls) | - | - | |||||
Total Proved Oil Reserves (Bbls) | 807,510 | 751,260 | |||||
Proved Developed Gas Reserves (Mcf) | 1,129,260 | 737,998 | |||||
Proved Undeveloped Gas Reserves (Mcf) | - | - | |||||
Total Proved Gas Reserves (Mcf) | 1,129,260 | 737,998 | |||||
Total Proved Reserves (Boe) | 995,720 | 874,260 | |||||
PV10* |
*2019 SEC Pricing: Oil
*2018 SEC Pricing: Oil
Liquidity Update
As of
About
We are an independent energy company focused on the lease acquisition and development of oil and gas producing properties in the continental
Forward-Looking Statements
This press release may include “forward-looking statements” within the meaning of the securities laws. All statements other than statements of historical facts included herein may constitute forward-looking statements. Forward-looking statements in this document may include statements regarding the Company’s expectations regarding the Company’s operational, exploration and development plans; expectations regarding the nature and amount of the Company’s reserves; and expectations regarding production, revenues, cash flows and recoveries. When used in this press release, the words "will," "potential," "believe," "estimate," "intend," "expect," "may," "should," "anticipate," "could," "plan," "predict," "project," "profile," "model," or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in oil and natural gas prices, uncertainties inherent in estimating quantities of oil and natural gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company’s oil and natural gas production, dependence upon third-party vendors, and other risks detailed in the Company’s periodic report filings with the
Corporate Contact:U.S. Energy Corp. Ryan Smith Chief Executive Officer (303) 993-3200 www.usnrg.com
Source:
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