U.S. Energy Corp. (NASDAQ: USEG) entered a new agreement regarding the Wattenberg development project on Jan. 3 that allows USEG to provide proof of funding by Jan. 31.
USEG will acquire 40% of IronHorse Resources LLC’s interest in five Wattenberg farm-out agreements, a Jan. 4 press release said.
The earnings and participation agreement was dated Sept. 14, 2016.
USEG will prepay 23,000 shares of the agreed-upon cash stock bonus by Jan. 12.
Currently, USEG is engaged with a financial institution and continues pursuing various options for funding for projects including the Wattenberg development project.
U.S. Energy Corp. is based in Denver.
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