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U.S. Energy Corp. has closed a sale of East Texas assets, which gained cash proceeds of about $6.82 million to be directed to the company’s industrial gas project in Montana. The buyer of the assets wasn’t named.
U.S. Energy said the divested assets averaged 1 MMcf/d of natural gas and 149 bbl/d of oil for the quarter ending Sept. 30.
“We are pleased to announce the successful closing of U.S. Energy's recent transaction, completing the divestment of a significant portion of our legacy East Texas assets,” said CEO Ryan Smith. “The proceeds from this sale will be strategically allocated to advancing our industrial gas project in Montana. With this milestone behind us, U.S. Energy is now poised with greater liquidity and a stronger balance sheet, enabling us to focus on our growth into a leading industrial gas company.”
The transaction closed Dec. 31, 2024, with an effective date of Nov. 1, 2024.
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