U.S. Energy Corp. Announces Receipt of Proceeds from Previously Announced Divestiture
November 06 2017 - 5:00PM
U.S. Energy Corp. (NASDAQ:USEG) (“U.S. Energy” or
the “Company”) today announced it has received scheduled proceeds
from a previously announced August 2014 transaction regarding the
divestment of uranium mining assets in exchange for $2.5 million of
stock in Anfield Resources Inc. (TSXV:ARY) (“Anfield”). Pursuant to
the agreement, payments for the divestiture were structured as
three issuances of stock with the most recent and final $1.0
million issuance consisting of 24,942,200 shares of Anfield.
The recently received shares are restricted until March 2,
2018. U.S. Energy now holds 36,316,357 shares of Anfield
representing approximately 19.2% of the common stock
outstanding.
U.S. Energy expects to use the holdings as
collateral until ultimately being monetized and allocated towards
development capital, as circumstances and market conditions
warrant. U.S. Energy Corp. divested all remaining mining
assets during 2016 and no longer has any mining related
interests.
A copy of the early warning report filed in
accordance with applicable Canadian securities laws is available on
SEDAR (www.sedar.com).
About U.S. Energy Corp.
We are an independent energy company focused on
the lease acquisition and development of oil and gas producing
properties in the continental United States. Our business is
currently focused in the Williston Basin of North Dakota and South
Texas. We continue to focus on increasing production, reserves, and
cash flow from operations while pro-actively managing our debt
levels. More information about U.S. Energy Corp. can be found at
www.usnrg.com.
Forward-Looking Statements
This press release may include “forward-looking
statements” within the meaning of the securities laws. When used in
this press release, the words "will," "potential," "believe,"
"estimate," "intend," "expect," "may," "should," "anticipate,"
"could," "plan," "predict," "project," "profile," "model," or their
negatives, other similar expressions or the statements that include
those words, are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Company, which may cause actual results to differ
materially from those implied or expressed by the forward-looking
statements. Factors that could cause or contribute to such
differences include risks detailed in the Company’s periodic report
filings with the Securities and Exchange Commission.
Corporate Contact:
U.S. Energy Corp.
Ryan Smith
Chief Financial Officer
(303) 993-3200
www.usnrg.com