U.S. ENERGY CORP. (NASDAQ:USEG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
On January 3, 2017, U.S. Energy Corp. (the Company) announced the
extension of its exclusive rights to participate with IronHorse
Resources, LLC (IronHorse) in the Wattenberg Development Project
previously announced. The Company and IronHorse had entered into
an Earnings and Participation Agreement dated September 14, 2016
(the Agreement) as to the purchase of 40% of IronHorses interest
in five Wattenberg farmout agreements. The Company and IronHorse
have entered into a new agreement dated January 3, 2017 extending
the time for the Company to provide satisfactory proof of funding
to January 31, 2017. The Company will prepay 23,000 shares of the
stock bonus previously agreed on in cash on or before January 12,
2017. The Company is currently engaged with a financial
institution and will continue to pursue various options for
funding the Companys projects, including the Wattenberg
Development Project with IronHorse. The Company remains
optimistic about the Wattenberg project especially with the
favorable commodity prices and improving economics.
Item 8.01. Other Events.
On January 4, 2017, the Company issued a press release, a copy of
which is furnished as Exhibit 99.1, announcing the signing of the
Agreement discussed in Item 1.01 herein. That press release is
not incorporated by reference into this Item 8.01.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release dated January 4, 2017 |
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 up +0.01 at 1.26 with 125,362 shares trading hands.
