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USEG - U.S. Energy's proved producing reserves up by 24% in 2022
U.S. Energy Corp.
U.S. Energy ( NASDAQ: USEG ) said Tuesday its year-end 2022 proved developed producing reserves increased by 24% to 7.8 million barrels of oil equivalent, of which 65% is crude oil.
The company said fourth quarter 2022 average daily production grew to 1,918 barrels of oil equivalent per day (“Boe/d”), up 453% over Q4 2021 and a 9% increase over Q3 2022.
The company ended 2022 with debt of $12.0 million and cash of $4.1 million for total liquidity of $12.1 million.