USEG - U.S. Energy to buy east Texas oil and gas assets in $11.8M deal
U.S. Energy ( NASDAQ: USEG ) said Thursday it agreed to acquire operated oil and gas producing properties in east Texas from an unnamed private party for $11.8M in cash.
The ~16.6K net acres acquired includes two pipeline gathering systems and related infrastructure.
April 2022 net production from the properties averaged 418 boe/day (40% oil, 60% natural gas).
As of June 1, the properties had total estimated proved developed reserves of 1.3M boe and PV-10 value of $22.7M.
"Old hedges are killing U.S. Energy," WYCO Researcher said in an analysis posted on Seeking Alpha .
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U.S. Energy to buy east Texas oil and gas assets in $11.8M deal