U.S. ENERGY CORP. (NASDAQ:USEG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 28, 2017, Stephen V. Conrad announced his retirement and resignation from the Board of Directors of U.S. Energy Corp. (the “Company”) effective March 3, 2017.
Item 8.01 Other Events.
On February 1, 2017, the Company and BP Energy (“BP”), entered into a Hedging Agreement, to which the Company has the ability to hedge oil and gas production for current proven reserves and future drilling programs, including a proposed South Texas drilling program in the Eagle Ford Shale, which is planned for late 2017.
On February 24, 2017, the Company received confirmation from IronHorse Resources, LLC (“Ironhorse”) with respect to the expiration of a previously announced agreement dated January 3, 2017 (the “Agreement”) for the proposed purchase of 40% of IronHorse’s interest in five Wattenberg farmout agreements. Although the Company believes it was able to meet its funding obligations under the Agreement, Ironhorse has indicated its desire to market the opportunity to alternative partners.
About U.S. ENERGY CORP. (NASDAQ:USEG)
U.S. Energy Corp. (U.S. Energy) is an independent energy company focused on the acquisition and development of oil and gas producing properties in the continental United States. The Company’s business activities are focused on South Texas and the Williston Basin in North Dakota. The Company operates through Oil and Gas segment. The Company participates in oil and gas projects primarily as a non-operating working interest owner through exploration and development agreements with various oil and gas exploration and production companies. The Company is also pursuing acquisitions of exploration, development and production-stage oil and gas properties or companies. The Company holds a geographically and geologically diverse portfolio of oil-weighted prospects in varying-stages of exploration and development. The Company engages in the prospect stages either for its own account or with prospective partners to enlarge its oil and gas lease ownership base. U.S. ENERGY CORP. (NASDAQ:USEG) Recent Trading Information
U.S. ENERGY CORP. (NASDAQ:USEG) closed its last trading session down -0.018 at 0.777 with 9,884 shares trading hands.