U.S. Energy Corp. (NASDAQ: USEG) entered a new agreement regarding the Wattenberg development project on Jan. 3 that allows USEG to provide proof of funding by Jan. 31.
USEG will acquire 40% of IronHorse Resources LLC’s interest in five Wattenberg farm-out agreements, a Jan. 4 press release said.
The earnings and participation agreement was dated Sept. 14, 2016.
USEG will prepay 23,000 shares of the agreed-upon cash stock bonus by Jan. 12.
Currently, USEG is engaged with a financial institution and continues pursuing various options for funding for projects including the Wattenberg development project.
U.S. Energy Corp. is based in Denver.
Recommended Reading
Russia Orders Companies to Cut Oil Output to Meet OPEC+ Target
2024-03-25 - Russia plans to gradually ease the export cuts and focus on only reducing output.
BP Starts Oil Production at New Offshore Platform in Azerbaijan
2024-04-16 - Azeri Central East offshore platform is the seventh oil platform installed in the Azeri-Chirag-Gunashli field in the Caspian Sea.
Imperial Expects TMX to Tighten Differentials, Raise Heavy Crude Prices
2024-02-06 - Imperial Oil expects the completion of the Trans Mountain Pipeline expansion to tighten WCS and WTI light and heavy oil differentials and boost its access to more lucrative markets in 2024.
What's Affecting Oil Prices This Week? (Feb. 5, 2024)
2024-02-05 - Stratas Advisors says the U.S.’ response (so far) to the recent attack on U.S. troops has been measured without direct confrontation of Iran, which reduces the possibility of oil flows being disrupted.
McKinsey: US Output Hinges on E&P Capital Discipline, Permian Well Trends
2024-02-07 - U.S. oil production reached record levels to close out 2023. But the future of U.S. output hinges on E&P capital discipline and well-productivity trends in the Permian Basin, according to McKinsey & Co.